Chart GBP/USD Update: Cautious trade - studies continue to rise
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | ** | congestion | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3733 | 4 Feb (w) high | S2 | 1.3558 | ** | 15 Jul (m) high | ||
| R2 | 1.3700 | ** | congestion, 76.4% ret | S3 | 1.3500 | * | congestion | |
| R1 | 1.3657 | ** | 1 May (m) high | S4 | 1.3450 | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and extend consolidation beneath resistance at the 1.3657 monthly high of 1 May. The daily Tension Indicator continues to rise, however, and broader weekly charts are positive, pointing to room for further gains in the coming sessions. A later close above 1.3657 will improve sentiment and extend late-June gains towards strong resistance at 1.3700. However, already overbought daily stochastics could limit any initial tests in profit-taking/consolidation.
Meanwhile, support remains at congestion around 1.3600. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above the 1.3558 monthly high of 15 July.