Published: 2024-09-27T07:28:05.000Z
Chart GBP/USD Update: Consolidating beneath fresh 2024 year high - background studies improving
Senior Technical Strategist
2
Choppy trade has posted a fresh year high at 1.3435
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 | 1.3435 | * | 26 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 - Choppy trade has posted a fresh year high at 1.3435, where a tick lower in intraday studies is prompting a pullback and break back below 1.3400. Daily stochastics continue to track lower and the positive daily Tension Indicator is also turning down, suggesting potential for a drift back towards support at 1.3340. A break cannot be ruled out, but rising weekly charts should limit scope in renewed buying interest above the 1.3266 monthly high of 27 August. Following cautious trade, fresh gains are looked for. A later close above 1.3400/35 will turn sentiment positive once again and extend September 2022 gains towards 1.3500.