Chart GBP/USD Update: Consolidating
The minor test lower has reached congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3681 | 4 Jul high | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3590/00 | ** | 24 Jul (w) high; cong | S2 | 1.3300 | * | congestion | |
| R2 | 1.3500 | ** | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3476 | 11 Aug high | S4 | 1.3140 | ** | 12 May (m) low |
Asterisk denotes strength of level
08:10 BST - The minor test lower has reached congestion support at 1.3400, where unwinding oversold intraday studies have prompted a bounce back to 1.3450~. Daily readings continue to rise, suggesting room for a test higher. But already overbought daily stochastics are expected to limit initial scope in fresh consolidation beneath congestion around 1.3500. Broader weekly charts are also mixed, suggesting further cautious trade/consolidation into the coming sessions. However, a break above 1.3500 would turn sentiment cautiously positive and open up 1.3590/00. Meanwhile, a close below 1.3400 would turn sentiment cautiously negative and put focus on congestion around 1.3300.