Chart EUR/GBP Update: Balanced beneath year high
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8875 | * | April 2023 high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300, cong | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8818 | * | 29 Oct YTD high | S3 | 0.8720 | congestion | ||
| R1 | 0.8800 | * | figure | S4 | 0.8695/00 | ** | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:45 GMT - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and prompt consolidation around 0.8800. However, the daily Tension Indicator continues to rise and broader weekly charts are improving, highlighting potential for fresh gains in the coming sessions. A close above the 0.8818 current year high of 29 October will improve price action and extend December 2024 gains towards strong resistance at 0.8850. Overstretched daily stochastics could prompt fresh consolidation around here. Meanwhile, support remains at 0.8772, (GBP/EUR 1.1400). A close beneath here would add weight to sentiment and give way to consolidation within 0.8720/40.