Published: 2024-04-19T07:52:24.000Z
Chart EUR/GBP Update: Cautious in range - studies tracking higher
Senior Technical Strategist
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Little change, as mixed/negative intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8630 | ** | 61.8% ret of Dec-Feb fall | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8525 | * | break level | |
R2 | 0.8600/05 | * | congestion; 50% ret of Dec-Feb fall | S3 | 0.8492/00 | ** | Aug 23 (y) low; congestion | |
R1 | 0.8578 | * | 20 Feb (m) high | S4 | 0.8455 | ** | 76.4% ret of 2022-2023 rally | |
Asterisk denotes strength of level
08:40 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation around 0.8565. A retest of support at 0.8547/50 is highlighted, but rising daily readings and improving weekly charts are expected to limit any break in fresh buying interest above 0.8525. Meanwhile, resistance remains at the 0.8578 monthly high of 20 February. A close above here would turn sentiment cautiously positive and open up 0.8600/05. However, by-then overbought daily stochastics are expected to limit any initial tests in fresh range trade.