Published: 2024-10-21T07:27:45.000Z
Chart GBP/USD Update: Consolidating - potential for a minor test lower
Senior Technical Strategist
1
Little change, as prices extend cautious trade above congestion support at 1.3000
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3270 | 3 Oct high | S1 | 1.3000 | ** | congestion | ||
R3 | 1.3200 | * | congestion | S2 | 1.2973 | * | 17 Oct (w) low | |
R2 | 1.3175 | * | 4 Oct high | S3 | 1.2930 | 19 Aug (w) low | ||
R1 | 1.3100 | * | congestion | S4 | 1.2865 | ** | 50% ret of Apr-Sep rally |
Asterisk denotes strength of level
08:05 BST - Little change, as prices extend cautious trade above congestion support at 1.3000. Intraday studies are leaning lower, suggesting potential for a test beneath here. But rising daily readings should limit initial scope in fresh buying interest above the 1.2973 weekly low of 17 October, before negative weekly charts prompt further losses. A later close beneath here will turn sentiment negative and extend September losses towards the 1.2865 Fibonacci retracement. Meanwhile, resistance remains at congestion around 1.3100.A close above here, if seen, would improve price action and open up the 1.3175 high of 4 October, where fresh selling interest is expected to appear.