Chart EUR/GBP Update: Consolidating
Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation within the 0.8695/00 - 0.8735 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8790 | ** | 27 Feb YTD high | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1400 | S2 | 0.8670 | * | congestion | |
| R2 | 0.8750 | ** | congestion | S3 | 0.8650 | * | congestion | |
| R1 | 0.8735 | * | congestion highs | S4 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 |
Asterisk denotes strength of level
09:05 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation within the 0.8695/00 - 0.8735 range. The daily Tension Indicator continues to rise, highlighting room for a retest of the 0.8735 congestion highs. But flat overbought daily stochastics should limit any initial tests in consolidation, before rising weekly charts prompt a break towards 0.8750. Beyond here is the 0.8772/90 range, but overbought daily stochastics should limit any tests of here in consolidation. Meanwhile, a break below 0.8695/00, if seen, would add weight to sentiment and open up congestion within 0.8650 - 0.8670, where fresh consolidation is expected to appear.