Chart GBP/USD Update: Balanced in range
Little change, as prices extend cautious trade within the 1.2900 - 1.3000 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3200 | * | break level | S1 | 1.2900 | ** | congestion | |
| R3 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S2 | 1.2860 | * | 6-10 Mar lows | |
| R2 | 1.3050 | * | break level | S3 | 1.2800 | ** | congestion | |
| R1 | 1.3000 | ** | break level | S4 | 1.2700 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade within the 1.2900 - 1.3000 range. Intraday studies are rising and oversold daily stochastics are unwinding, highlighting room for a test of resistance at the 1.3000 break level. But the negative daily Tension Indicator and flat overbought weekly stochastics are expected to limit any initial break in renewed selling interest towards 1.3050. A close above here is needed to improve price action and extend January gains towards the 1.3120 Fibonacci retracement. Meanwhile, support remains at congestion around 1.2900 and extends to the 1.2860 low from 6-10 March. A close beneath here would complete a minor distribution top below 1.3000 and add weight to sentiment, as focus then turns to congestion around 1.2800.