Published: 2024-05-07T07:54:24.000Z
Chart EUR/GBP Update: Limited gains
Senior Technical Strategist
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Cautious trade is giving way to the anticipated test higher
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
08:45 BST - Cautious trade is giving way to the anticipated test higher, with prices currently trading within the 0.8580 - 0.8600 resistance area. Intraday studies are ticking higher and daily readings are also improving, highlighting potential for a later break above 0.8600. Focus will then turn to 0.8620, (GBP/EUR 1.1600), but mixed/negative weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, support remains at 0.8547/50. A close beneath here, if seen, would add weight to sentiment and open up 0.8525, where fresh consolidation is expected to appear.