Published: 2024-10-04T07:25:16.000Z
Chart GBP/USD Update: Gains to remain limited
Senior Technical Strategist
1
The anticipated break below congestion at 1.3100 has met buying interest around 1.3090
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3400 | * | break level | S1 | 1.3100 | * | congestion | |
R3 | 1.3360 | intraday break level | S2 | 1.3090 | * | 3 Oct low | ||
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 - The anticipated break below congestion at 1.3100 has met buying interest around 1.3090, as oversold intraday studies unwind, with steady gains currently trading around 1.3140. Oversold daily stochastics are also flattening, suggesting room for a test higher. But the negative daily Tension Indicator and a tick lower in overbought weekly stochastics suggests potential for renewed selling interest towards congestion resistance at 1.3200. In the coming sessions, cautious trade is expected to give way to fresh losses. But a close below 1.3100 is needed to turn sentiment outright negative and extend late-September losses towards strong support at 1.3000.