Chart EUR/GBP Update: Leaning lower
Cautious trade around 0.8400/03 has given way to a fresh test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8350 | * | congestion | |
| R3 | 0.8475 | ** | GBP/EUR 1.1800 | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8450 | * | break level | S3 | 0.8315 | ** | 28 Mar (w) low | |
| R1 | 0.8400/03 | * | congestion; GBP/EUR 1.1900 | S4 | 0.8300 | ** | congestion |
Asterisk denotes strength of level
08:45 BST - Cautious trade around 0.8400/03 has given way to a fresh test lower, with prices meeting buying interest just above congestion support at 0.8350 as oversold intraday studies flatten. Daily readings continue to lean lower, suggesting room for a test beneath here. But already oversold daily stochastics are expected to limit initial scope in consolidation above 0.8333, (GBP/EUR 1.2000). Bearish weekly charts point to room for a later break beneath here towards the 0.8315 weekly low of 28 March. Meanwhile, resistance remains at 0.8400/03. A close above here, if seen, will help to stabilise price action and give way to consolidation beneath 0.8450.