Published: 2024-09-26T07:32:26.000Z
Chart GBP/USD Update: Prices remain under pressure
Senior Technical Strategist
1
The anticipated test of 1.3340 has extended to 1.3315
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | * | congestion | S1 | 1.3340 | * | intraday break level | |
R3 | 1.3500 | ** | congestion | S2 | 1.3266 | * | 27 Aug (m) high | |
R2 | 1.3430 | * | 25 Sep YTD high | S3 | 1.3200 | * | congestion | |
R1 | 1.3400 | * | break level | S4 | 1.3150 | intraday break level |
Asterisk denotes strength of level
08:05 BST - The anticipated test of 1.3340 has extended to 1.3315, where flattening oversold intraday studies are prompting a bounce back to 1.3340. Overbought daily stochastics continue to unwind and the daily Tension Indicator is flattening, highlighting room for a fresh break and further losses towards the 1.3266 monthly high of 27 August. However, rising weekly charts are expected to limit any immediate tests in fresh consolidation/buying interest. Meanwhile, resistance remains at 1.3400 and extends to the 1.3430 current year high of 25 September. A later close above here will turn sentiment positive once again and extend September 2022 gains towards 1.3500.