Chart GBP/USD Update: Focus back on 1.3500
Anticipated minor gains have met selling interest at 1.3575
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3733 | * | 4 Feb (w) high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3700 | minor congestion | S2 | 1.3440/50 | ** | 50% ret; congestion | ||
| R2 | 1.3650 | * | break level | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3600 | * | congestion | S4 | 1.3340 | ** | 61.8% ret of Nov-Jan rally |
Asterisk denotes strength of level
08:10 GMT - Anticipated minor gains have met selling interest at 1.3575, as overbought intraday studies unwind, with prices currently trading around 1.3530. Focus is turning back to congestion support at 1.3500. But rising daily readings are expected to limit any immediate tests in consolidation, before deteriorating weekly charts prompt further losses. Strong support is at the 1.3440 Fibonacci retracement and congestion around 1.3450. A close beneath here will add weight to sentiment and extend late-January losses towards congestion around 1.3400. Continuation towards the 1.3340 retracement cannot be ruled out. Meanwhile, resistance is up to congestion around 1.3600 and should cap any immediate tests higher.