Published: 2024-05-10T07:59:36.000Z
Chart EUR/GBP Update: Choppy in range - daily studies edging higher
Senior Technical Strategist
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The anticipated retest of resistance at 0.8620, (GBP/EUR 1.1600), has not been seen
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8695/00 | ** | GBP/EUR 1.1600; congestion | S1 | 0.8600 | * | congestion | |
R3 | 0.8665 | ** | 76.4% ret of Dec-Feb fall | S2 | 0.8580 | minor congestion | ||
R2 | 0.8645/50 | * | 23 Apr (m) high; congestion | S3 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R1 | 0.8620 | * | GBP/EUR 1.1600 | S4 | 0.8525 | * | break level | |
Asterisk denotes strength of level
08:50 BST - The anticipated retest of resistance at 0.8620, (GBP/EUR 1.1600), has not been seen, as falling intraday studies keep near-term sentiment cautious and extend cautious trade beneath here. Daily readings continue to track higher, suggesting room for a test above here, but mixed weekly charts are expected to limit any break in renewed selling interest beneath strong resistance at 0.8645/50. Meanwhile, support is at congestion around 0.8600 and extends to 0.8580. This area is expected to underpin any immediate setbacks. A close beneath here, however, would add weight to sentiment and prompt a pullback towards stronger support at 0.8547/50.