Chart EUR/GBP Update: Consolidating - room for a minor test lower
Minor gains have once again been pushed back from resistance at 0.8430
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | |
| R3 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S2 | 0.8370 | 14 Mar (w) low | ||
| R2 | 0.8450 | * | congestion | S3 | 0.8350 | ** | congestion | |
| R1 | 0.8430 | * | range lows | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
08:50 GMT - Minor gains have once again been pushed back from resistance at 0.8430, with prices currently trading just above support at 0.8400/03. Intraday studies are turning down and daily readings are also coming under pressure, highlighting room for a fresh test beneath here. But rising weekly charts are expected to limit scope in renewed buying interest towards the 0.8370 weekly low of 14 March. A further close beneath here would turn sentiment negative and confirm a deeper corrective pullback towards 0.8333/50. Meanwhile, resistance remains at 0.8430 and extends to congestion around 0.8450. A break above this range will open up critical resistance at 0.8473/75.