Chart GBP/USD Update: Consolidating pullback from 1.3500
The minor pullback following the test of congestion resistance at 1.3500 has reached 1.3420
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3600 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul (m) high | S3 | 1.3275~ | * | 28 Jul low | |
| R1 | 1.3500 | * | congestion | S4 | 1.3250 | intraday break level |
Asterisk denotes strength of level
08:10 BST - The minor pullback following the test of congestion resistance at 1.3500 has reached 1.3420, where flat oversold intraday studies are prompting consolidation. Rising daily stochastics and the positive daily Tension Indicator are showing early signs of flattening, suggesting room for a test of congestion support at 1.3400. But mixed/positive weekly charts should limit any break in renewed buying interest above congestion around 1.3300. Meanwhile, resistance remains at 1.3500. A close above here would help to improve sentiment and open up the 1.3558 monthly high of 15 July. But mixed longer-term readings should limit any further strength in consolidation beneath 1.3600.