Chart GBP/USD Update: Leaning lower
Cautious trade is giving way to the anticipated drift lower
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 - Cautious trade is giving way to the anticipated drift lower, as intraday studies turn down, with prices currently pressuring support at 1.3340. Daily stochastics continue to track lower and the daily Tension Indicator is also turning bearish, suggesting potential for a break. Focus will then turn to the 1.3266 monthly high of 27 August, but rising weekly charts are expected to prompt renewed buying interest above here. Following cautious trade, fresh gains are looked for. Resistance remains at 1.3400 and extends to the 1.3435 current year high of 26 September. A later close above here will turn sentiment positive once again and extend September 2022 gains towards 1.3500.