Chart GBP/USD Update: Extending July losses
Little change, as flattening bearish intraday studies extend cautious trade above support at 1.3200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | * | congestion | S1 | 1.3200 | * | break level | |
| R3 | 1.3370 | * | 23 Jun (m) low | S2 | 1.3140 | ** | 12 May (m) low | |
| R2 | 1.3300 | * | congestion | S3 | 1.3000 | ** | break level | |
| R1 | 1.3250 | * | congestion lows | S4 | 1.2900 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as flattening bearish intraday studies extend cautious trade above support at 1.3200. However, daily readings continue to point lower and broader weekly charts are bearish, highlighting room for still deeper losses in the coming sessions. A break below 1.3200 will add weight to sentiment and extend July losses towards the 1.3140 monthly low of 12 May. Continuation beneath here will open up 1.3000, where overbought weekly stochastics could prompt short-covering/consolidation. Meanwhile, resistance is lowered to 1.3250 and extends to 1.3300. This range should cap any immediate tests higher.