Chart GBP/USD Update: Cautious trade - studies improving
Little change, as prices extend cautious trade beneath resistance at the 1.3558 monthly high of 15 July
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | congestion, 76.4% ret | S1 | 1.3500 | * | congestion | |
| R3 | 1.3657 | ** | 1 May (m) high | S2 | 1.3450 | congestion | ||
| R2 | 1.3590/00 | ** | 61.8% ret; congestion | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3558 | ** | 15 Jul (m) high | S4 | 1.3300 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade beneath resistance at the 1.3558 monthly high of 15 July. Intraday studies are turning higher, highlighting room for a break above here and continuation of late-June gains towards strong resistance at the 1.3590 Fibonacci retracement and congestion around 1.3600. However, mixed daily readings are expected to limit any initial tests of 1.3590/00 in renewed consolidation, before positive weekly charts prompt a break and open up the 1.3657 monthly high of 1 May.
Meanwhile, support remains down to congestion around 1.3500. An unexpected close beneath here will add weight to sentiment and open up further congestion around 1.3450, where fresh buying interest is expected to appear.