Chart GBP/USD Update: Extending consolidation at 1.3500
Settled back to consolidate at the 1.3500 level after bounce attempt was checked at 1.3545, fresh 4-week high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650/58 | ** | congestion, May high | S1 | 1.3450 | * | congestion | |
| R3 | 1.3600 | * | 17 Apr high, congestion | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul high | S3 | 1.3350 | * | congestion | |
| R1 | 1.3545 | 12 Aug high | S4 | 1.3300 | ** | May low |
Asterisk denotes strength of level
02:00 GMT - Settled back to consolidate at the 1.3500 level after bounce attempt was checked at 1.3545, fresh 4-week high. Bullish prices action from the 1.3275 low of 28 July keep pressure on the upside and further cannot be ruled out. However, overbought daily studies caution corrective pullback to support at the 1.3450/1.3400 area which is expected to underpin and sustain bullish gains from the 1.3275, July low. Would take break here will open up room for deeper correction to the 1.3350/00 congestion and May low. Meanwhile, break above the 1.3545/58 highs, if seen, will open up room for extension to 1.3600/50 area.