Chart GBP/USD Update: Drifting lower
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3471 | ** | 17 Oct (w) high | S1 | 1.3100 | * | break level | |
| R3 | 1.3400 | ** | break level | S2 | 1.3000/10 | * | cong; 4-5 Nov (w) lows | |
| R2 | 1.3250 | * | congestion | S3 | 1.2950 | ** | 50% ret of Jan-Jul rally | |
| R1 | 1.3200 | * | congestion | S4 | 1.2900 | congestion |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade around 1.3150. Overbought daily stochastics are unwinding, highlighting room for a drift down towards support at the 1.3100 break level. But the rising daily Tension Indicator should limit any initial tests in consolidation, before deteriorating weekly charts prompt a break towards stronger support at congestion around 1.3000 and the 1.3010 weekly lows from early November. Meanwhile, resistance remains at congestion around 1.3200 and should remain untouched in any immediate tests higher. A close above here, however, will improve sentiment and extend gains towards further congestion around 1.3250.