Chart GBP/USD Update: Consolidating test of 1.3590/00 - daily studies rising
The anticipated test of resistance at the 1.3590 weekly high of 24 July and congestion around 1.3600 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | 1 Jul YTD high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3752 | 2 Jul high | S2 | 1.3400 | * | congestion | ||
| R2 | 1.3681 | 4 Jul high | S3 | 1.3300 | * | congestion | ||
| R1 | 1.3590/00 | ** | 24 Jul (w) high; cong | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
08:10 BST - The anticipated test of resistance at the 1.3590 weekly high of 24 July and congestion around 1.3600 is giving way to consolidation, as intraday studies turn down, with prices currently balanced around 1.3580. Daily readings continue to rise and oversold weekly stochastics are turning up, suggesting room for still further gains in the coming sessions. A close above here will improve sentiment and extend August gains towards the 1.3681 high of 4 July. However, already overbought daily stochastics could limit any initial tests in consolidation. Meanwhile, support remains at congestion around 1.3500. A close beneath here, if seen, will turn sentiment neutral once again and prompt consolidation above further congestion around 1.3400.