Chart GBP/USD Update: Leaning lower
Cautious trade around 1.3200 is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3350 | break level | S1 | 1.3160~ | ** | 31 Mar YTD low | ||
| R3 | 1.3300 | ** | congestion | S2 | 1.3100 | * | congestion | |
| R2 | 1.3250 | intraday break level | S3 | 1.3000/10 | ** | congestion; 4-5 Nov (m) low | ||
| R1 | 1.3200 | ** | congestion | S4 | 1.2985 | ** | 50% ret of 2025-2026 rally |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3200 is giving way to a drift lower, as intraday studies remain under pressure, with focus turning to support at the 1.3160~ current year low of 31 March. Daily stochastics are flat in oversold areas, suggesting initial tests could give way to fresh consolidation, before the bearish daily Tension Indicator and negative weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend January losses initially towards congestion around 1.3100. Meanwhile, a close above congestion resistance, if seen, will help to stabilise sentiment and prompt consolidation beneath the 1.3250 intraday break level.