Chart GBP/USD Update: Pressuring 1.2900/20 - studies rising
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3050 | * | break level | S1 | 1.2860 | * | recent lows | |
| R3 | 1.3000 | ** | break level | S2 | 1.2800 | ** | congestion | |
| R2 | 1.2920 | ** | 61.8% ret of Sep-Jan fall | S3 | 1.2700 | * | congestion | |
| R1 | 1.2900 | ** | congestion | S4 | 1.2600 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation within strong resistance at 1.2900 and the 1.2920 Fibonacci retracement. Daily readings are rising, highlighting room for a test above here. But flattening overbought weekly stochastics are expected to limit scope beyond 1.2900/20 in profit-taking towards 1.3000. Meanwhile, support is at the 1.2860 recent range lows. A break beneath here would add weight to sentiment and prompt a pullback towards congestion around 1.2800. A further close beneath here would turn sentiment negative and open up a test of further congestion around 1.2700.