Chart EUR/GBP Update: Consolidating losses - studies under pressure
Little change, as prices extend consolidation around 0.8645/50
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8750 | * | congestion | S1 | 0.8645 | 6 Jan low | ||
| R3 | 0.8720 | * | congestion | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S3 | 0.8610 | ** | 50% ret of May-Nov rally | |
| R1 | 0.8670 | ** | October range lows | S4 | 0.8600 | * | Jul-Aug range lows |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend consolidation around 0.8645/50. Intraday studies are rising and oversold daily stochastics are flat, suggesting room for a minor test higher. But the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest towards the 0.8670 October range lows. Following cautious trade, fresh losses are looked for. A break below the 0.8645 low of 6 January will add weight to sentiment and extend November losses towards strong support within 0.8600/20. Already oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, a close above 0.8670, if seen, would help to stabilise price action and prompt consolidation beneath 0.8695/00.