Chart GBP/USD Update: Balanced above 1.3200 - studies remain under pressure
The test of strong support at 1.3200 is giving way to anticipated consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | congestion | S1 | 1.3200 | ** | cong, 38.2% ret | |
| R3 | 1.3360 | * | range lows | S2 | 1.3140 | ** | 24 Jun YTD low | |
| R2 | 1.3300 | ** | congestion | S3 | 1.3100 | ** | congestion | |
| R1 | 1.3273 | ** | 28 Jul (w) low | S4 | 1.3000/10 | ** | cong; November 2025 low |
Asterisk denotes strength of level
08:10 BST - The test of strong support at 1.3200 is giving way to anticipated consolidation, as intraday studies turn higher, with prices currently balanced around 1.3220. A minor bounce is possible. But negative daily readings and bearish weekly charts should limit any break above the 1.3255~ high of 24 September in renewed selling interest beneath the 1.3273 weekly low of 28 July. An unexpected close above congestion around 1.3300 would help to stabilise sentiment and prompt consolidation beneath 1.3300
Following cautious/corrective trade, fresh losses are looked for. A break below 1.3200 will open up the 1.3140 current year low of 24 June. But already oversold daily stochastics could prompt short-covering/consolidation above here, before broad January losses resume.