Published: 2025-08-04T07:27:31.000Z
Chart GBP/USD Update: Further gains to remain limited
Senior Technical Strategist
2
Little change, as prices extend consolidation following the test of congestion resistance at 1.3300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3200 | minor congestion | ||
| R3 | 1.3400 | * | congestion | S2 | 1.3140 | ** | 12 May (m) low | |
| R2 | 1.3370 | * | 23 Jun (m) low | S3 | 1.3000 | ** | break level | |
| R1 | 1.3300 | * | congestion | S4 | 1.2945 | * | 50% ret of Jan-Jul rally |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend consolidation following the test of congestion resistance at 1.3300. Intraday studies are positive and oversold daily stochastics are turning higher, suggesting room for a test above here. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest towards the 1.3370 monthly low of 23 June and congestion around 1.3400. Meanwhile, support is down to minor congestion around 1.3200. But a close below the 1.3140 monthly low of 12 May, not yet seen, will turn sentiment negative and extend July losses towards 1.3000.