Published: 2024-10-15T07:27:27.000Z
Chart GBP/USD Update: Consolidating - background studies under pressure
Senior Technical Strategist
3
Still little change
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 - Still little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 1.3100. Oversold daily stochastics are flat and the negative daily Tension Indicator is flattening, suggesting further cautious trade into the coming sessions. However, weekly charts continue to fall, pointing to room for a later pullback. A break below strong support at 1.3000 will add weight to sentiment and extend September losses towards strong support at the 1.2865 Fibonacci retracement. Meanwhile, any immediate tests higher should remain capped beneath 1.3100.