Chart GBP/USD Update: Consolidating above 1.3500 - studies rising
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | 76.4% ret of Jan-Jun fall | S1 | 1.3500 | * | congestion | |
| R3 | 1.3657 | ** | 1 May (m) high | S2 | 1.3450 | congestion | ||
| R2 | 1.3590/00 | ** | 61.8% ret; congestion | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3558 | ** | 15 Jul (m) high | S4 | 1.3300 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.3500. Daily readings continue to rise, highlighting room for continuation towards the 1.3558 monthly high of 15 July. But already overbought daily stochastics could limit any initial tests in fresh consolidation, before rising weekly charts prompt a break. A close above 1.3558 will improve sentiment and extend late-June gains towards strong resistance at the 1.3590 Fibonacci retracement and congestion around 1.3600. Meanwhile, a close back below 1.3500 would turn sentiment neutral and give way to consolidation above 1.3450.