Published: 2025-11-04T01:51:36.000Z
Chart GBP/USD Update: Consolidating at 1.3100 level, but still heavy
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Extending consolidation at the 1.3100 low as prices unwind the oversold intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3471 | ** | 17 Oct high | S1 | 1.3100 | * | congestion | |
| R3 | 1.3400 | * | congestion | S2 | 1.3050 | * | congestion | |
| R2 | 1.3300/24 | * | congestion, Sep low | S3 | 1.3000 | * | figure, congestion | |
| R1 | 1.3200/48 | * | congestion, 14 Oct low | S4 | 1.2950 | * | 50% Jan/Jul rally |
Asterisk denotes strength of level
01:45 GMT - Extending consolidation at the 1.3100 low as prices unwind the oversold intraday and daily studies. However, bearish momentum from the September high keep pressure on the downside and a later break cannot be ruled out. Lower will see room for extension to the 1.3050 congestion then the 1.3000 figure. Meanwhile, resistance is lowered to the 1.3200/48 level and 14 October low, which is expected to cap corrective bounce. Would need to regain this to fade the downside pressure and open up room for return to resistance at the 1.3300/1.3400 congestion.