Chart GBP/USD Update: Reached 1.3400/15 - studies under pressure
The anticipated break below 1.3500 has reached strong support at congestion around 1.3400 and the 1.3415 weekly low of 29 May
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | * | congestion | S1 | 1.3400/15 | * | cong; 29 May (w) low | |
| R3 | 1.3632 | ** | 12 Jun YTD high | S2 | 1.3300 | break level | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3250~ | * | range lows | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3140 | ** | 12 May (m) low |
Asterisk denotes strength of level
08:10 BST - The anticipated break below 1.3500 has reached strong support at congestion around 1.3400 and the 1.3415 weekly low of 29 May, where unwinding oversold intraday studies are prompting a bounce. Focus is turning back to congestion resistance at 1.3500. But negative daily readings and deteriorating weekly charts are expected to limit any tests in renewed selling interest. Following cautious trade, fresh losses are looked for. A later break below 1.3400/15 will add weight to sentiment and open up 1.3300, where rising longer-term charts could prompt buying interest/consolidation.