Chart GBP/USD Update: Limited tests lower
The anticipated pullback from the 1.3471 weekly high of 17 October has reached congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3400 | * | congestion | |
| R3 | 1.3527 | ** | 1 Oct (w) high | S2 | 1.3300 | * | congestion | |
| R2 | 1.3500 | * | congestion | S3 | 1.3248 | 14 Oct low | ||
| R1 | 1.3471 | 17 Oct (w) high | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
08:10 BST - The anticipated pullback from the 1.3471 weekly high of 17 October has reached congestion support at 1.3400, where short-term consolidation is developing. Intraday studies are under pressure, highlighting room for a test beneath here. But rising daily stochastics and the improving daily Tension Indicator are expected to limit any break in renewed buying interest above further congestion around 1.3300. Meanwhile, a break above 1.3471, if seen, will open up resistance at congestion around 1.3500 and the 1.3527 weekly high of 1 October. However, mixed weekly charts should limit any initial tests of this range in fresh consolidation.