Chart GBP/USD Update: Consolidating, room for higher later
No follow-through on break of the 1.3600 level as prices settled back in consolidation from test of resistance at the 1.3650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | Jul 2025 year high | S1 | 1.3550 | * | congestion | |
| R3 | 1.3700 | * | congestion | S2 | 1.3500 | * | congestion | |
| R2 | 1.3650 | * | congestion | S3 | 1.3450 | ** | 23 Apr low, congestion | |
| R1 | 1.3600 | * | 17 Apr high, congestion | S4 | 1.3400 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - No follow-through on break of the 1.3600 level as prices settled back in consolidation from test of resistance at the 1.3650 congestion. However, onsolidation below the 1.3600 level is expected to give way to renewed buying pressure later to retest the 1.3650 resistance. Above here will further retrace the January/March losses and see extension to the 1.3700 level. Clearance here will return focus to the 1.3788 and 1.3869, 2025 year high and 27 January current year high. Meanwhile, support at the 1.3550/1.3500 congestion area should underpin and sustain bounce from 1.3450 support.