Chart GBP/USD Update: Lower in choppy trade
Lower in choppy trade from the 1.3788 high of last week and break of the 1.3600 level opens up room for deeper pullback to the 1.3500 congestion
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3835 | * | Oct 2021 high | S1 | 1.3500 | * | congestion | |
| R3 | 1.3788 | ** | 1 Jul YTD high | S2 | 1.3435 | * | Sep 2024 year high | |
| R2 | 1.3680 | * | 4 Jul high | S3 | 1.3370 | ** | 23 Jun low | |
| R1 | 1.3600/30 | * | congestion | S4 | 1.3250 | * | congestion |
Asterisk denotes strength of levelr
01:50 GMT - Lower in choppy trade from the 1.3788 high of last week and break of the 1.3600 level opens up room for deeper pullback to the 1.3500 congestion. Daily studies are tracking lower to unwind overbought readings and break here will see room to extend corrective pullback to the strong support at the 1.3435/00 area. Meanwhile, resistance is lowered to the 1.3600/30 congestion area and extending to 1.3680, 4 July high. A later break here will expose the 1.3788 high to retest and extend the underlying bull trend from September 2022 low to target 1.3835, high of October 2021.