Chart GBP/USD Update: Extending gains
Sharp reactive buying interest has cleared 1.3400, with prices reaching 1.3475 before settling lower to 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | ** | congestion | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3558 | ** | 15 Jul (w) high | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3500 | * | congestion | S3 | 1.3275~ | * | 28 Jul low | |
| R1 | 1.3475 | 30 Jul high | S4 | 1.3250 | intraday break level |
Asterisk denotes strength of level
08:10 BST - Sharp reactive buying interest has cleared 1.3400, with prices reaching 1.3475 before settling lower to 1.3450 as intraday studies turn mixed. Both daily stochastics and the daily Tension Indicator are improving, highlighting room for a fresh tests higher, with later focus to turn to congestion around 1.3500. But mixed weekly charts should limit any initial tests above here in selling interest beneath the 1.3558 weekly high of 15 July. Meanwhile, support is raised to congestion around 1.3400 and should underpin any immediate setbacks. A break, if seen, is expected to give way to consolidation above 1.3300.