Published: 2024-10-14T07:23:33.000Z
Chart GBP/USD Update: Consolidating - limited tests higher
Senior Technical Strategist
3
Little change, as mixed intraday studies keep near-term sentiment cautious
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3300 | * | break level | S1 | 1.3000 | ** | congestion, 11 Sep (m) low | |
R3 | 1.3200 | * | congestion | S2 | 1.2930 | 19 Aug (w) low | ||
R2 | 1.3175 | * | 4 Oct high | S3 | 1.2865 | ** | 50% ret of Apr-Sep rally | |
R1 | 1.3100 | * | congestion | S4 | 1.2800 | * | congestion |
Asterisk denotes strength of level
08:05 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 1.3100. A minor tick higher in oversold daily stochastics suggests potential for a test. But the negative daily Tension Indicator and falling weekly charts should limit any break in fresh selling interest beneath the 1.3175 high of 4 October. Meanwhile, strong support remains at 1.3000. A later close beneath here will add weight to sentiment and extend September losses towards strong support at the 1.2865 Fibonacci retracement.