Chart GBP/USD Update: Reached strong support at 1.3440/50
Anticipated losses have reached strong support at the 1.3440 Fibonacci retracement and congestion around 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | * | break level | S1 | 1.3440/50 | ** | 50% ret; congestion | |
| R3 | 1.3600 | * | congestion | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3500 | ** | congestion | S3 | 1.3340 | ** | 61.8% ret of Nov-Jan rally | |
| R1 | 1.3575 | 26 Feb high | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Anticipated losses have reached strong support at the 1.3440 Fibonacci retracement and congestion around 1.3450, where unwinding oversold intraday studies and rising daily stochastics are prompting a minor bounce. Focus is on congestion resistance at 1.3500. But the bearish daily Tension Indicator and negative weekly charts should limit any break in renewed selling interest beneath the 1.3575 high of 26 February. Following cautious trade, fresh losses are looked for. A later close below 1.3440/50 will add weight to sentiment and extend late-January losses towards congestion around 1.3400. Continuation towards the 1.3340 retracement cannot be ruled out.