Chart GBP/USD Update: Limited tests higher
Anticipated consolidation above congestion support at 1.3300 has given way to a minor bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | ** | congestion | S2 | 1.3250 | * | congestion lows | |
| R2 | 1.3400 | * | congestion | S3 | 1.3200 | * | break level | |
| R1 | 1.3370 | * | 23 Jun (m) low | S4 | 1.3140 | ** | 12 May (m) low |
Asterisk denotes strength of level
08:10 BST - Anticipated consolidation above congestion support at 1.3300 has given way to a minor bounce, as intraday studies turn higher, with prices reaching resistance at the 1.3370 monthly low of 23 June. A break to congestion around 1.3400 cannot be ruled out. But negative daily and weekly charts are expected to limit any tests in renewed selling interest. Following corrective trade, fresh losses are looked for. A later close below 1.3300 will add weight to sentiment and extend July losses initially towards the 1.3250 congestion lows. Meanwhile, a close above 1.3400, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 1.3500.