Published: 2024-04-26T07:45:12.000Z
Chart EUR/GBP Update: Consolidating - daily readings remain under pressure
Senior Technical Strategist
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Sharp losses have reached 0.8565, where rising intraday studies are prompting short-term reactions
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8665 | ** | 76.4% ret of Dec-Feb fall | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R3 | 0.8650 | * | congestion | S2 | 0.8525 | * | break level | |
R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8500 | ** | congestion | |
R1 | 0.8600 | * | congestion | S4 | 0.8492 | ** | 23 Aug 2023 (y) low | |
Asterisk denotes strength of level
08:40 BST - Sharp losses have reached 0.8565, where rising intraday studies are prompting short-term reactions. Daily stochastics and the daily Tension Indicator continue fall, highlighting room for further losses in the coming sessions. Focus is expected to turn back to support at 0.8547/50, but mixed weekly charts could limit any initial tests in fresh consolidation. Meanwhile, resistance remains at congestion around 0.8600. An unexpected close above here will turn sentiment neutral and prompt consolidation beneath 0.8620, (GBP/EUR 1.1600).