Chart GBP/USD Update: Edging lower towards 1.3400 support
Extending pullback from the 1.3568 high as prices unwind overbought intraday and daily studies to approach support at the 1.3400 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3726 | ** | Sep high | S1 | 1.3400 | ** | 31 Dec low | |
| R3 | 1.3600 | * | congestion | S2 | 1.3350 | * | congestion | |
| R2 | 1.3568 | * | 6 Jan YTD high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3215/00 | ** | 13 Nov high, congestion |
Asterisk denotes strength of level
01:20 GMT - Extending pullback from the 1.3568 high as prices unwind overbought intraday and daily studies to approach support at the 1.3400 level. Break here will open up room for deeper pullback to retrace gains from the 1.3010 November low and see room to support at the 1.3350/00 congestion area. Corrective pullback is expected to give way to renewed buying interest later, regaining the 1.3500 level will expose the 1.3568 high to retest and see room for extension to the 1.3600 level. Beyond this will return focus to the September high at 1.3726 then 1.3788, July 2025 year high.