Chart GBP/USD Update: Consolidating - studies remain under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | congestion | S1 | 1.3200 | ** | cong, 38.2% ret | |
| R3 | 1.3360 | * | range lows | S2 | 1.3140 | ** | 24 Jun YTD low | |
| R2 | 1.3300 | ** | congestion | S3 | 1.3100 | ** | congestion | |
| R1 | 1.3273 | ** | 28 Jul (w) low | S4 | 1.3000/10 | ** | cong; November 2025 low |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation following the anticipated minor bounce to 1.3255. Oversold daily stochastics are flat, suggesting room for further cautious trade, before the bearish daily Tension Indicator and negative weekly charts prompt fresh losses. A later break below 1.3200 will open up the 1.3140 current year low of 24 June. But already oversold daily stochastics could prompt short-covering/consolidation above here, before broad January losses resume.
Meanwhile, resistance remains up the 1.3273 weekly low of 28 July, and should cap any immediate tests higher. An unexpected close above congestion around 1.3300 would help to stabilise sentiment and prompt consolidation beneath 1.3360.