Published: 2026-05-13T07:31:19.000Z
Chart GBP/USD Update: Room for lower
1
The anticipated test of congestion support at 1.3500 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | 76.4% ret of Jan-Mar fall | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3660 | * | congestion | S2 | 1.3470 | * | 38.2% ret of Mar-May rally | |
| R2 | 1.3600 | * | congestion | S3 | 1.3450 | break level | ||
| R1 | 1.3550 | * | congestion | S4 | 1.3400/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
08:10 BST - The anticipated test of congestion support at 1.3500 is giving way to consolidation, with prices currently balanced around 1.3530. Daily readings continue to point lower, highlighting room for a break towards the 1.3470 Fibonacci retracement. But rising weekly charts should limit any deeper reactions in renewed consolidation above 1.3450. Meanwhile, resistance is lowered to congestion around 1.3550. A close back above here would help to stabilise price action and prompt choppy trade beneath further congestion around 1.3600.