Chart GBP/USD Update: Pressuring resistance - studies improving
Little change, as prices extend cautious/choppy trade around resistance at congestion around 1.3400 and the 1.3450 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | ** | 76.4% ret of Aug-Oct fall | S1 | 1.3350 | break level | ||
| R3 | 1.3500 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3470 | ** | 61.8% ret of Aug-Oct fall | S3 | 1.3250 | * | congestion | |
| R1 | 1.3400/05 | ** | congestion; 50% ret | S4 | 1.3200 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:10 GMT - Little change, as prices extend cautious/choppy trade around resistance at congestion around 1.3400 and the 1.3450 Fibonacci retracement. Daily readings are mixed/positive, suggesting an improvement in sentiment and room for further gains in the coming sessions. Continuation beyond 1.3400/05 will open up the 1.3470 retracement. However, daily stochastics are approaching overbought areas, suggesting any immediate tests could give way to fresh consolidation, before improving weekly charts extend gains still further.
Meanwhile, support remains at 1.3350. A close beneath here, if seen, will turn sentiment neutral, and give way to consolidation above congestion support at 1.3300.