Chart GBP/USD Update: Room for higher
Choppy trade is giving way to fresh gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3434 | ** | 26 Sep 2024 (y) high | S1 | 1.3100 | minor congestion | ||
| R3 | 1.3330 | ** | 76.4% ret of 2021-2022 fall | S2 | 1.3000 | ** | range highs | |
| R2 | 1.3300 | range highs | S3 | 1.2900 | ** | congestion | ||
| R1 | 1.3200 | ** | break level | S4 | 1.2860 | * | 6-10 Mar lows |
Asterisk denotes strength of level
08:10 BST - Choppy trade is giving way to fresh gains, with focus turning back to resistance at 1.3200. Intraday studies are mixed/positive, suggesting any initial tests could give way to consolidation. However, daily readings continue to strengthen and broader weekly charts are rising, pointing to an improvement in sentiment and room for further strength in the coming sessions. A close above here will open up resistance at the 1.3300 range highs. Just higher is the 1.3330 Fibonacci retracement, but by-then overbought daily stochastics could prompt fresh profit-taking/consolidation towards here. Meanwhile, support is at congestion around 1.3100. A close beneath here, if seen, would turn sentiment neutral and prompt consolidation above 1.3000.