Chart GBP/USD Update: Under pressure, room to 1.3045/35 support
Prices remains under pressure and break of he 1.3100 level extend the rejection from the 1.3239 high of Friday
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3266 | ** | 27 Aug YTD high | S1 | 1.3045/35 | ** | Jul high, 38.2% | |
| R3 | 1.3200 | * | congestion | S2 | 1.3000 | * | figure | |
| R2 | 1.3145 | * | congestion | S3 | 1.2965 | * | 50% Aug rally | |
| R1 | 1.3100 | * | figure, congestion | S4 | 1.2900/95 | ** | congestion, Mar high |
Asterisk denotes strength of level
02:00 GMT - Prices remains under pressure and break of he 1.3100 level extend the rejection from the 1.3239 high of Friday. Focus now turn to support at the 1.3045/35, high of July and 38.2% Fibonacci retracement of the August rally. Break here will open up deeper pullback to the .3000 figure. Lower still, if seen, will see room to the 1.2965, 50% Fibonacci level. Pullback from the 1.3266 high seen corrective and expected to give way to renewed buying later. Meanwhile, resistance is lowered to the 1.3100/1.3145 area. Regaining this will revive upside focus for retest of the 1.3200 level and 1.3266 high.