Published: 2024-04-17T07:53:02.000Z
Chart EUR/GBP Update: Consolidating
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8525 | * | break level | |
R3 | 0.8600/05 | * | congestion; 50% ret of Dec-Feb fall | S2 | 0.8492/00 | ** | Aug 23 (y) low; congestion | |
R2 | 0.8578 | * | 20 Feb (m) high | S3 | 0.8455 | ** | 76.4% ret of 2022-2023 rally | |
R1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | S4 | 0.8400 | ** | congestion | |
Asterisk denotes strength of level
08:40 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade above 0.8525. The daily Tension Indicator continues to track lower, suggesting potential for a test beneath here. However, already oversold daily stochastics are flattening and broader weekly charts are rising, highlighting potential for fresh buying interest towards critical support at 0.8492/00. Meanwhile, resistance remains at 0.8547/50. A later close above here will help to improve price action and open up the 0.8578 monthly high of 20 February, where consolidation could develop.