Chart GBP/USD Update: Cautious trade - studies under pressure
Little change, as prices extend cautious trade around congestion support at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | 76.4% ret of Jan-Mar fall | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3660 | * | congestion | S2 | 1.3450 | break level | ||
| R2 | 1.3600 | ** | congestion; 61.8% ret | S3 | 1.3430 | * | 38.2% ret of Mar-Apr rally | |
| R1 | 1.3550 | * | congestion | S4 | 1.3400 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade around congestion support at 1.3500. Intraday studies are turning down and daily readings continue to fall, highlighting room for a test beneath here. Focus will then turn to 1.3450. But mixed/positive weekly charts should limit any initial tests in renewed consolidation. A break, however, will add weight to sentiment, and extend mid-April losses below the 1.3430 Fibonacci retracement towards congestion around 1.3400. Meanwhile, resistance remains at congestion around 1.3550. However, a close above 1.3600 is needed to turn sentiment positive and extend late-March gains initially towards congestion around 1.3660.