Published: 2024-05-01T08:18:47.000Z
Chart EUR/GBP Update: Consolidating - critical support at 0.8492/00
Senior Technical Strategist
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Little change, as prices extend cautious trade within the 0.8525 - 0.8547/50 area
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8650 | * | congestion | S1 | 0.8525 | * | break level | |
R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8500 | ** | congestion | |
R2 | 0.8600 | * | congestion | S3 | 0.8492 | ** | 23 Aug 2023 (y) low | |
R1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | S4 | 0.8475 | * | GBP/EUR 1.1800 | |
Asterisk denotes strength of level
09:10 BST - Little change, as prices extend cautious trade within the 0.8525 - 0.8547/50 area. Daily readings are under pressure, suggesting potential for a test below 0.8525. However, daily stochastics are already oversold and broader weekly charts are mixed, highlighting potential for fresh buying interest towards critical support at the 0.8492 year low of 23 August 2023 and congestion around 0.8500. Meanwhile, a close back above 0.8547/50 would turn sentiment neutral once again and prompt consolidation beneath further congestion around 0.8600.