Chart EUR/GBP Update: Higher levels not sustained
Choppy trade within resistance at 0.8430/50 has given way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8450 | * | congestion | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8430 | *- | range lows | S3 | 0.8300 | ** | congestion | |
| R1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | S4 | 0.8265 | * | GBP/EUR 1.2100 |
Asterisk denotes strength of level
08:45 GMT - Choppy trade within resistance at 0.8430/50 has given way to a pullback, with prices currently trading beneath 0.8400/03. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for further losses in the coming sessions. Support is down to congestion around 0.8350. But the positive daily Tension Indicator and rising weekly charts are expected to limit any initial tests in renewed buying interest/consolidation. Meanwhile, a close back above 0.8400/03 would turn sentiment neutral. But a further close above 0.8450 is needed to turn sentiment positive and confirm continuation of December gains.