Chart EUR/GBP Update: Cautious trade - any pullbacks to remain limited
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8650 | intraday congestion | |||
| R3 | 0.8766 | ** | November 2023 (m) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr YTD high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | * | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:40 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation within the 0.8650-0.8695 range. Daily stochastics are turning down and the flat daily Tension Indicator is coming under pressure, highlighting room for a test beneath congestion support at 0.8650. But rising weekly charts are expected to limit any break in renewed buying interest above 0.8620, (GBP/EUR 1.1600). Following cautious/corrective trade, fresh gains are looked for. A later close above resistance at 0.8695, (GBP/EUR 1.1500), will improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April.