Chart EUR/GBP Update: Leaning lower
Cautious trade has given way to a fresh test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8518 | ** | 10 Apr low | |
| R3 | 0.8600 | * | congestion | S2 | 0.8500 | ** | congestion | |
| R2 | 0.8575 | * | congestion | S3 | 0.8473/75 | ** | 20 Jan (m) high; GBP/EUR 1.1800 | |
| R1 | 0.8547 | ** | GBP/EUR 1.1700 | S4 | 0.8450 | * | break level |
Asterisk denotes strength of level
09:15 BST - Cautious trade has given way to a fresh test lower, with prices currently consolidating the test of support at the 0.8518 low of 10 April. Intraday studies are mixed and oversold daily stochastics are flattening, suggesting potential for further sideways trade, before the bearish daily Tension Indicator and unwinding overbought weekly stochastics prompt further losses. A later break below 0.8518 will turn sentiment negative and extend April losses below 0.8500 towards 0.8473/75. Meanwhile, resistance is lowered to 0.8547, (GBP/EUR 1.1700). A close back above here, if seen, will help to stabilise price action and prompt consolidation beneath resistance within the 0.8575/00 range.