Published: 2024-10-02T07:27:26.000Z
Chart GBP/USD Update: Room for lower in the coming sessions
Senior Technical Strategist
1
Anticipated losses have extended
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3500 | ** | congestion | S1 | 1.3266 | * | 27 Aug (m) high | |
R3 | 1.3434 | * | 26 Sep YTD high | S2 | 1.3237 | 1 Oct low | ||
R2 | 1.3400 | * | break level | S3 | 1.3200 | * | congestion | |
R1 | 1.3350 | intraday break level | S4 | 1.3150 | intraday break level |
Asterisk denotes strength of level
08:05 BST - Anticipated losses have extended, testing below the 1.3266 monthly high of 27 August before bouncing from 1.3237 to trade back above 1.3266. Oversold intraday studies are unwinding, suggesting cautious trade around here. But daily stochastics and the daily Tension Indicator continue to track lower, pointing to room for fresh losses in the coming sessions. A break back below 1.3266 will open up congestion around 1.3200, but mixed/positive weekly charts should limit any deeper losses in renewed buying interest above 1.3150. Meanwhile, resistance is at 1.3350 and extends to 1.3400. This area should cap any immediate tests higher. A close above the 1.3434 current year high of 26 September is needed to turn sentiment positive and confirm continuation of September 2022 gains towards 1.3500.