Chart GBP/USD Update: Consolidating - daily studies edging higher
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3540 | ** | 50% ret of Jan-Mar fall | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3500 | ** | congestion | S2 | 1.3300 | * | congestion | |
| R2 | 1.3465 | * | 38.2% ret of Jan-Mar fall | S3 | 1.3250 | * | recent lows, congestion | |
| R1 | 1.3450 | ** | congestion | S4 | 1.3215 | ** | 76.4% ret of Nov-Jan rally |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 1.3400. Daily readings are rising, highlighting room for later gains back to strong resistance at congestion around 1.3450 and the 1.3465 Fibonacci retracement. Beyond here is 1.3500. But already overbought daily stochastics and negative weekly charts should limit any tests in renewed selling interest. Meanwhile, a close back below 1.3400 will open up 1.3300. But a further close below strong support at congestion around 1.3200 and the 1.3215 Fibonacci retracement is needed to turn sentiment negative and confirm continuation of late-January losses.