Chart GBP/USD Update: Reached the 1.3525 Fibonacci retracement - studies under pressure
Anticipated losses have reached support at the 1.3525 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3733 | 4 Feb (w) high | S1 | 1.3525 | 38.2% ret of Jul-Aug rally | |||
| R3 | 1.3700 | ** | congestion, 76.4% ret | S2 | 1.3500 | * | congestion | |
| R2 | 1.3657 | ** | 1 May (m) high | S3 | 1.3475 | ** | 50% ret of Jul-Aug rally | |
| R1 | 1.3600 | ** | congestion | S4 | 1.3425 | ** | 61.8% ret of Jul-Aug rally |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have reached support at the 1.3525 Fibonacci retracement, where mixed intraday studies are prompting fresh consolidation. Daily stochastics and the daily Tension Indicator continue to fall, and overbought weekly stochastics are also turning down, highlighting room for further losses in the coming sessions. A break beneath here will add weight to sentiment and extend late-August losses towards congestion around 1.3400. Already oversold daily stochastics could limit any initial tests beneath here in consolidation above the 1.3475 retracement.
Meanwhile, resistance remains at congestion around 1.3600. A close back above here, if seen, will help to stabilise price action and give way to consolidation beneath the 1.3657 monthly high of 1 May.