Chart GBP/USD Update: Limited tests higher - studies under pressure
The anticipated break below 1.3100 has bounced from 1.3055/60
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3266 | * | 27 Aug YTD high | S1 | 1.3100 | intraday break level | ||
| R3 | 1.3239 | * | 6 Sep (w) high | S2 | 1.3035/45 | * | 38.2% ret of Aug rally; 17 Jul (m) high | |
| R2 | 1.3200 | * | congestion | S3 | 1.3000 | ** | break level | |
| R1 | 1.3150 | intraday break level | S4 | 1.2965 | ** | 50% ret of Aug rally |
Asterisk denotes strength of level
08:10 BST - The anticipated break below 1.3100 has bounced from 1.3055/60, as oversold intraday studies unwind, with prices once again trading around 1.3100. A move towards intraday resistance at 1.3150 is possible, but negative daily readings and mixed/negative weekly charts are expected to prompt fresh selling interest towards here. A close above 1.3150, if seen, would turn sentiment neutral and give way to consolidation beneath congestion around 1.3200. Meanwhile, support remains down to the 1.3035 Fibonacci retracement and the 1.3045 monthly high of 17 July. A later close beneath here will add weight to sentiment and extend late-August losses initially to 1.3000.