Chart GBP/USD Update: Limited gains
The pullback from the 1.3593 current year high of 26 May has met anticipated buying interest just above congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3750~ | ** | January 2022 (y) high | S1 | 1.3400 | congestion | ||
| R3 | 1.3650 | * | congestion | S2 | 1.3300 | break level | ||
| R2 | 1.3593/00 | ** | 26 May YTD high; cong | S3 | 1.3250~ | * | range lows | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3140 | ** | 12 May low |
Asterisk denotes strength of level
08:10 BST - The pullback from the 1.3593 current year high of 26 May has met anticipated buying interest just above congestion support at 1.3400, as oversold intraday studies unwind, with prices posting a bounce to 1.3460. A test of congestion resistance at 1.3500 cannot be ruled out. But daily stochastics continue to fall and the daily Tension Indicator has also turned down, highlighting a deterioration in sentiment and difficulty sustaining any break above here. In the coming sessions, cautious trade is expected to give way to fresh losses. A later break below 1.3400 will add weight to sentiment and open up 1.3300. Just lower are range lows around 1.3250, where fresh buying interest/consolidation is looked for. Meanwhile, a close above 1.3500 would help to stabilise price action and prompt consolidation beneath critical resistance at 1.3593/00.