Chart EUR/GBP Update: Room for lower
Little change, as mixed/positive intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8750 | * | congestion | S1 | 0.8650 | * | congestion | |
| R3 | 0.8715~ | * | 4-5 Mar high | S2 | 0.8613/20 | ** | 4 Feb YTD low; GBP/EUR 1.1600 | |
| R2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S3 | 0.8600 | * | congestion | |
| R1 | 0.8670 | * | congestion | S4 | 0.8547 | * | GBP/EUR 1.1700 |
Asterisk denotes strength of level
09:10 GMT - Little change, as mixed/positive intraday studies keep near-term sentiment cautious and extend cautious trade above congestion support at 0.8650. Daily readings bearish and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break will add weight to sentiment and open up critical support at the 0.8613 current year low of 4 February and 0.8620, (GBP/EUR 1.1600). Continuation beneath here will add weight to already bearish sentiment and extend November losses below 0.8600. Meanwhile, resistance is lowered to congestion around 0.8670. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8695/00.