Published: 2024-05-03T07:58:35.000Z
Chart EUR/GBP Update: Consolidating - gains to remain limited
Senior Technical Strategist
-
Little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8650 | * | congestion | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8525 | * | break level | |
R2 | 0.8600 | * | congestion | S3 | 0.8500 | ** | congestion | |
R1 | 0.8580 | minor congestion | S4 | 0.8492 | ** | 23 Aug 2023 (y) low | ||
Asterisk denotes strength of level
08:50 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade above 0.8547/50. Oversold daily stochastics are unwinding, suggesting room for a further test higher. However, the falling daily Tension Indicator and mixed weekly charts are expected to meet selling interest within the 0.8580 - 08600 area. Meanwhile, a close back below 0.8547/50 will add weight to sentiment. But a further close below 0.8525 is needed to turn price action outright negative and put focus back on critical support at the 0.8492 year low of 23 August 2023 and congestion around 0.8500.