Chart GBP/USD Update: Prices remain under pressure
The anticipated break below 1.3400 is extending
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3590/00 | ** | 24 Jul (w) high; cong | S1 | 1.3300 | * | congestion | |
| R3 | 1.3550 | intraday break level | S2 | 1.3200 | * | congestion | ||
| R2 | 1.3500 | ** | congestion | S3 | 1.3140 | ** | May-Aug lows | |
| R1 | 1.3400 | * | congestion | S4 | 1.30662 | 14 Apr (w) low |
Asterisk denotes strength of level
08:10 BST - The anticipated break below 1.3400 is extending, as intraday studies turn down once again, with focus now on congestion support at 1.3300. Daily readings remains bearish and broader weekly charts continue to fall, highlighting a bearish tone and room for deeper losses in the coming sessions. A break below 1.3300 will open up further congestion around 1.3200. However, by-then oversold intraday and daily stochastics are expected to limit any initial tests in short-covering/consolidation. Meanwhile, resistance is lowered to congestion around 1.3400. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 1.3500.