Published: 2024-10-16T07:23:28.000Z
Chart GBP/USD Update: Poised to extend September losses
Senior Technical Strategist
1
Consolidation has given way to a sharp fall
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 - Consolidation has given way to a sharp fall, with prices currently pressuring strong support at 1.3000. Intraday studies are bearish and daily readings are coming under fresh pressure, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A break below 1.3000 will add weight to sentiment and extend September losses towards strong support at the 1.2865 Fibonacci retracement. Meanwhile, resistance remains at congestion around 1.3100 and should continue to cap any immediate tests higher.