Published: 2024-10-03T07:32:24.000Z
Chart GBP/USD Update: Accelerating lower
Senior Technical Strategist
3
Steady intraday losses have given way to a sharp break down
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3400 | * | break level | S1 | 1.3155 | intraday low | ||
R3 | 1.3360 | intraday break level | S2 | 1.3100 | * | congestion | ||
R2 | 1.3300 | * | break level | S3 | 1.3000 | ** | congestion, 11 Sep (m) low | |
R1 | 1.3200 | * | congestion | S4 | 1.2930 | 19 Aug (w) low |
Asterisk denotes strength of level
08:05 BST - Steady intraday losses have given way to a sharp break down, with prices falling sharply to 1.3155. Intraday studies are bearish and daily readings are also under pressure, highlighting room for continuation towards congestion support at 1.3100. A further break cannot be ruled out, but mixed weekly charts should prompt short-covering/consolidation above strong support at 1.3000. Meanwhile, resistance is lowered to congestion around 1.3200. A close above here, if seen, will turn sentiment neutral and give way to consolidation beneath 1.3300.