Chart GBP/USD Update: Consolidating
Still little change, as intraday studies turn mixed and prompt further choppy trade within the 1.3100 - 1.3200 rang
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3471 | ** | 17 Oct (w) high | S1 | 1.3100 | * | break level | |
| R3 | 1.3400 | ** | break level | S2 | 1.3000/10 | * | cong; 4-5 Nov (w) lows | |
| R2 | 1.3250 | * | congestion | S3 | 1.2950 | ** | 50% ret of Jan-Jul rally | |
| R1 | 1.3200 | * | congestion | S4 | 1.2900 | congestion |
Asterisk denotes strength of level
08:10 GMT - Still little change, as intraday studies turn mixed and prompt further choppy trade within the 1.3100 - 1.3200 range. The daily Tension Indicator continues to rise, highlighting potential for a move towards congestion resistance at 1.3200. But unwinding overbought daily stochastics and mixed weekly charts are expected to limit any initial tests in consolidation. A close above here, however, will improve sentiment and extend gains towards further congestion around 1.3250. Meanwhile, support remains down to the 1.3100 break level. A close beneath here will add weight to sentiment and open up stronger support at congestion around 1.3000 and the 1.3010 weekly lows of 4-5 November.