Chart GBP/USD Update: Consolidating - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | 76.4% ret of Jan-Mar fall | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3660 | * | congestion | S2 | 1.3450 | break level | ||
| R2 | 1.3600 | ** | congestion; 61.8% ret | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3550 | * | congestion | S4 | 1.3350 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.3500. Overbought daily stochastics continue to lean lower and the positive daily Tension Indicator is turning down, highlighting room for a fresh test beneath here. A break will open up 1.3450. But rising weekly charts should limit any deeper losses in renewed buying interest towards congestion around 1.3400. Meanwhile, resistance remains at 1.3550. But a close above stronger resistance at 1.3600 is needed to turn sentiment positive and extend late-March gains towards congestion around 1.3660. Stronger resistance at the 1.3700 Fibonacci retracement should prompt more significant profit-taking.