Published: 2025-11-21T08:37:02.000Z
Chart GBP/USD Update: Limited tests higher
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Cautious trade is giving way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | break level | S1 | 1.3000/10 | * | cong; 4-5 Nov (w) lows | |
| R3 | 1.3250 | * | congestion | S2 | 1.2950 | ** | 50% ret of Jan-Jul rally | |
| R2 | 1.3200 | * | congestion | S3 | 1.2900 | congestion | ||
| R1 | 1.3100 | * | break level | S4 | 1.2950 | ** | 61.8% ret of Jan-Jul rally |
Asterisk denotes strength of level
08:10 GMT - Cautious trade is giving way to a drift higher, as intraday studies improve, with prices currently balanced beneath resistance at the 1.3100 break level. A test above here cannot be ruled out. But negative daily readings and mixed/negative weekly charts are expected to limit scope in renewed selling interest beneath intraday congestion around 1.3150. Following cautious/corrective trade, fresh losses are looked for. Support remains at congestion around 1.3000 and the 1.3010 weekly lows from early November. A close beneath here will turn sentiment negative and extend July losses towards the 1.2950 Fibonacci retracement.