Chart GBP/USD Update: Consolidating below the 1.3800 level
Break above 1.3770 has seen gains to fresh year high at 1.3788 before settling into consolidation to unwind the overbought intraday studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3958 | * | Aug 2021 high | S1 | 1.3700 | * | congestion | |
| R3 | 1.3900 | * | congestion | S2 | 1.3632/00 | ** | 13 Jun high, congestion | |
| R2 | 1.3835 | * | Oct 2021 high | S3 | 1.3500 | * | congestion | |
| R1 | 1.3800 | * | congestion | S4 | 1.3435 | ** | Sep 2024 year high |
Asterisk denotes strength of levelr
02:10 GMT - Break above 1.3770 has seen gains to fresh year high at 1.3788 before settling into consolidation to unwind the overbought intraday studies. Daily studies are stretched as well but still tracking higher and see room to extend the underlying bull trend from September 2022 low. Higher will see extension to resistance at the 1.3800/35 area. Meanwhile, support is raised to the 1.3700 level and below this needed to open up room to strong support at the 1.3632/1.3600 area which should underpin. Break here will see scope for deeper correction to support at 1.3500 level and 1.3435.