Chart GBP/USD Update: Strong resistance at 1.3300/30
Cautious trade around 1.3200 is giving way to further gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3200 | ** | break level | |
| R3 | 1.3434 | ** | 26 Sep 2024 (y) high | S2 | 1.3100 | minor congestion | ||
| R2 | 1.3330 | ** | 76.4% ret of 2021-2022 fall | S3 | 1.3000 | ** | range highs | |
| R1 | 1.3300 | range highs | S4 | 1.2900 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3200 is giving way to further gains, with prices approaching strong resistance at the 1.3300 range highs and the 1.3330 Fibonacci retracement. Rising intraday studies and positive daily readings highlight room for a test of this range. But overbought intraday studies are expected to limit any initial tests in profit-taking/consolidation. A close above here, however, will improve sentiment once again and extend January gains towards critical resistance at the 1.3434 year high of 26 September 2024. Meanwhile, support is raised to 1.3200. A close beneath here would turn sentiment neutral and prompt consolidation above congestion around 1.3100.