Chart GBP/USD Update: Reached 1.344050 - studies remain under pressure
Anticipated losses have reached support within the 1.3440 Fibonacci retracement and congestion around 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | break level | S1 | 1.3440/50 | ** | 50% ret; congestion | ||
| R3 | 1.3650 | * | break level | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3600 | * | congestion | S3 | 1.3340 | ** | 61.8% ret of Nov-Jan rally | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Anticipated losses have reached support within the 1.3440 Fibonacci retracement and congestion around 1.3450, where flattening oversold intraday studies and daily stochastics are prompting short-term reactions. The daily Tension Indicator remains bearish and positive weekly charts are turning down, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend late-January losses towards congestion around 1.3400. Continuation towards the 1.3340 retracement cannot be ruled out. Meanwhile, resistance is lowered to congestion around 1.3500. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 1.3600.