Chart GBP/USD Update: Focus on 1.3500
Anticipated gains have reached 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3681 | 4 Jul high | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3590/00 | ** | 24 Jul (w) high; cong | S2 | 1.3300 | * | congestion | |
| R2 | 1.3500 | ** | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3450 | intraday high | S4 | 1.3140 | ** | 12 May (m) low |
Asterisk denotes strength of level
08:10 BST - Anticipated gains have reached 1.3450, where a tick lower in overbought intraday studies is prompting consolidation, Daily readings continue to rise and oversold weekly stochastics are turning up, highlighting room for continuation of August gains towards congestion around 1.3500. However, the bearish weekly Tension Indicator should limit any initial tests in consolidation. A close above here, however, would further improve sentiment and open up the 1.3590 weekly high of 24 July, where fresh selling interest is expected to appear. Meanwhile, support is raised to congestion around 1.3400. A break beneath here would turn sentiment neutral and prompt consolidation above further congestion around 1.3300.