Chart EUR/GBP Update: Cautious trade - room for a minor test higher
The test of support at the 0.8380 weekly low of 23 May is giving way to fresh consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8380 | * | 23 May (w) low | |
| R3 | 0.8475 | ** | GBP/EUR 1.1800 | S2 | 0.8350 | * | congestion | |
| R2 | 0.8450 | * | break level | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8400/03 | * | congestion; GBP/EUR 1.1900 | S4 | 0.8315 | ** | 28 Mar (w) low |
Asterisk denotes strength of level
08:45 BST - The test of support at the 0.8380 weekly low of 23 May is giving way to fresh consolidation, as intraday studies turn higher, with prices currently trading around 0.8390. Immediate focus is on resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). A tick higher in oversold daily stochastics suggests room for a test above here. But the flat daily Tension Indicator and bearish weekly charts are expected to limit scope in consolidation beneath resistance at 0.8450. Following cautious trade, fresh losses are looked for. A later close below 0.8380 will add weight to sentiment and extend April losses initially towards congestion around 0.8350.