Published: 2026-05-08T07:35:18.000Z
Chart GBP/USD Update: Consolidating
2
Consolidation beneath congestion resistance at 1.3660 has given way to a break below 1.3600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3733 | * | 4 Feb (m) high | S1 | 1.3550 | * | congestion | |
| R3 | 1.3700 | ** | 76.4% ret of Jan-Mar fall | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3660 | * | congestion | S3 | 1.3470 | * | 38.2% ret of Mar-May rally | |
| R1 | 1.3600 | * | congestion | S4 | 1.3450 | break level |
Asterisk denotes strength of level
08:10 BST - Consolidation beneath congestion resistance at 1.3660 has given way to a break below 1.3600, with prices reaching congestion support at 1.3550 before bouncing back towards 1.3600. Daily readings are mixed and volatility is declining, highlighting room for consolidation, before rising weekly charts prompt fresh gains. A close above 1.3660 would improve sentiment and extend late-March gains initially towards strong resistance at the 1.3700 Fibonacci retracement. Meanwhile, any immediate tests below 1.3550 should be limited in renewed consolidation above further congestion around 1.3500.