Published: 2026-01-16T08:38:57.000Z
Chart GBP/USD Update: Consolidating losses - room for still lower
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The anticipated break below 1.3400 has given way to a bounce from above support at the 1.3350 congestion lows
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3555 | ** | 76.4% ret of Sep-Nov fall | S1 | 1.3350 | * | congestion lows | |
| R3 | 1.3500 | * | congestion | S2 | 1.3300 | * | congestion | |
| R2 | 1.3450 | congestion | S3 | 1.3200 | ** | break level | ||
| R1 | 1.3400 | * | congestion | S4 | 1.3150 | congestion |
Asterisk denotes strength of level
08:10 GMT - The anticipated break below 1.3400 has given way to a bounce from above support at the 1.3350 congestion lows, as oversold intraday studies unwind. Focus is turning to resistance at 1.3400. But mixed/negative daily readings and unwinding overbought weekly stochastics should limit any break in consolidation beneath further congestion around 1.3450. Following cautious trade, fresh losses are looked for. A break below 1.3350 will open up 1.3300. But the rising weekly Tension Indicator is expected to limit any initial tests in consolidation.