Chart GBP/USD Update: Drifting lower
Still little change, as selling interest from resistance at the 1.3000 break level keeps near-term sentiment under pressure
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3200 | * | break level | S1 | 1.2900 | ** | congestion | |
| R3 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S2 | 1.2860 | * | 6-10 Mar lows | |
| R2 | 1.3050 | * | break level | S3 | 1.2800 | ** | congestion | |
| R1 | 1.3000 | ** | break level | S4 | 1.2700 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Still little change, as selling interest from resistance at the 1.3000 break level keeps near-term sentiment under pressure. Intraday studies are are negative and daily readings have turned bearish, keeping focus on congestion support at 1.2900. However, rising weekly charts should limit any tests beneath here in renewed buying interest/consolidation above the 1.2860 lows from early March. Following corrective trade, fresh gains are looked for. A later close above 1.3000 will open up 1.3050. Continuation towards the 1.3120 Fibonacci retracement cannot be ruled out, but already overbought weekly stochastics could prompt profit-taking towards here.