Chart GBP/USD Update: Limited scope above 1.3300
The test above congestion resistance at 1.3300 has met selling interest at 1.3330
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3200 | minor congestion | ||
| R3 | 1.3400 | * | congestion | S2 | 1.3140 | ** | 12 May (m) low | |
| R2 | 1.3370 | * | 23 Jun (m) low | S3 | 1.3000 | ** | break level | |
| R1 | 1.3300 | * | congestion | S4 | 1.2945 | * | 50% ret of Jan-Jul rally |
Asterisk denotes strength of level
08:10 BST - The test above congestion resistance at 1.3300 has met selling interest at 1.3330, with prices settling back into further consolidation around 1.3300. Oversold daily stochastics continue to edge higher, suggesting room for a fresh test above here. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest towards the 1.3370 monthly low of 23 June and congestion around 1.3400. Meanwhile, support rermains at minor congestion around 1.3200. But a close below the 1.3140 monthly low of 12 May, not yet seen, will turn sentiment negative and extend July losses towards 1.3000.