Chart GBP/USD Update: Limited gains
The anticipated break above 1.3500 has reached 1.3545
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | 1 Jul YTD high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3700 | break level | S2 | 1.3400 | * | congestion | ||
| R2 | 1.3650 | congestion | S3 | 1.3370 | * | 23 Jun (m) low | ||
| R1 | 1.3600 | * | congestion | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
08:10 BST - The anticipated break above 1.3500 has reached 1.3545. Intraday studies continue to rise and daily readings are also positive, highlighting room for further strength in the coming sessions. Focus is on congestion resistance at 1.3600. But already overbought daily stochastics and bearish weekly charts should limit any break above here in renewed selling interest towards further congestion around 1.3650. Meanwhile, support is raised to congestion around 1.3500. A close beneath here, not yet seen, will turn sentiment neutral once again and prompt consolidation above strong support at the 1.3370 monthly low of 23 June and congestion around 1.3400. A further close beneath here is needed to confirm a near-term top in place at the 1.3788 current year high of 1 July, as prices then extend losses below the rising January trendline, initially opening up a test of congestion around 1.3300.