Chart GBP/USD Update: Room for lower in the coming sessions
The bounce from the 1.3455 low of 10 June has met fresh selling interest around 1.3535
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3750~ | ** | January 2022 (y) high | S1 | 1.3400/15 | * | cong; 29 May (w) low | |
| R3 | 1.3650 | * | congestion | S2 | 1.3300 | break level | ||
| R2 | 1.3600/15 | ** | cong; 5 Jun YTD high | 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 bounce from the 1.3455 low of 10 June has met fresh selling interest around 1.3535, as intraday studies continue to track lower, with steady losses currently trading around 1.3475. Daily readings are also negative and broader weekly charts are deteriorating, highlighting room for fresh losses in the coming sessions. A break below 1.3455 will open up support at congestion around 1.3400 and the 1.3415 weekly low of 29 May. However, already oversold intraday studies could limit any initial tests in consolidation, before prices extend June losses towards 1.3300. Meanwhile, a close back above congestion resistance at 1.3500, if seen, will turn sentiment neutral once again and prompt consolidation beneath critical resistance at 1.3600/15.