Published: 2026-10-16T07:34:22.000Z
Chart GBP/USD Update: Breaking higher
3
Cautious trade has given way to a break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3470 | ** | 61.8% ret of Aug-Oct fall | S1 | 1.3300 | ** | congestion | |
| R3 | 1.3400/05 | ** | congestion; 50% ret | S2 | 1.3250 | * | congestion | |
| R2 | 1.3360 | * | range lows | S3 | 1.3200 | ** | cong, 38.2% ret | |
| R1 | 1.3340 | * | 38.2% ret of Aug-Oct fall | S4 | 1.3137/40 | ** | 24 Jun-14 Oct YTD lows |
Asterisk denotes strength of level
08:10 BST - Cautious trade has given way to a break higher, with prices currently trading around 1.3320. Rising intraday studies and positive daily readings highlight room for a test of resistance at the 1.3340 Fibonacci retracement and the 1.3360 range lows. However, already overbought daily stochastics and mixed/negative weekly charts should limit any immediate extension beyond here in profit-taking/consolidation beneath strong resistance at 1.3400/05.
Meanwhile, support is raised to congestion around 1.3300. A close back beneath here will turn sentiment neutral once again and put prices into range extension, centred around 1.3250.