Chart EUR/GBP Update: Range trade
Little change, as mixed intraday studies and flat oversold daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8720 | * | break level | S1 | 0.8650 | * | congestion | |
| R3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S2 | 0.8640 | intraday lows | ||
| R2 | 0.8685 | * | 14 Apr (w) low | S3 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 | |
| R1 | 0.8670 | * | congestion | S4 | 0.8600 | * | break level |
Asterisk denotes strength of level
08:55 BST - Little change, as mixed intraday studies and flat oversold daily stochastics keep near-term sentiment cautious and prompt consolidation above 0.8660. The daily Tension Indicator is falling and broader weekly charts are coming under pressure, highlighting room for fresh losses in the coming session. Support is at congestion around 0.8650 and extends to intraday lows around 0.8640. Initial tests of here should give way to consolidation. A break, however, will add weight to sentiment and open up critical support within 0.8613/20. Meanwhile, a close above congestion resistance at 0.8670 should give way to consolidation beneath the 0.8685 weekly low of 14 April.