Chart GBP/USD Update: Fresh 3-year highs
Consolidation around congestion support at 1.3600 has given way to steady gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3900 | ** | congestion | S1 | 1.3600 | * | congestion | |
| R3 | 1.3835 | * | October 2021 high | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3800 | * | break level | S3 | 1.3400 | * | congestion | |
| R1 | 1.3750 | * | January 2022 (y) high | S4 | 1.3370 | 23 Jun low |
Asterisk denotes strength of level
08:10 BST - Consolidation around congestion support at 1.3600 has given way to steady gains, with prices posting fresh 2025 year highs just beneath the 1.3750 year high of January 2022. Overbought intraday studies are flat, suggesting consolidation beneath here. But rising daily readings and a tick higher in weekly stochastics highlight room for a later break and continuation of broad September 2022 gains towards the 1.3835 high of October 2021. The flattening weekly Tension Indicator could prompt renewed selling interest around here. Meanwhile, support remains at 1.3600. A close beneath here, if seen, would turn sentiment neutral and give way to consolidation above further congestion around 1.3500.