Chart GBP/USD Update: Balanced above 1.3500 - studies rising
The anticipated break above 1.3500 has reached 1.3530
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | ** | 76.4% ret of Jan-Jun fall | S1 | 1.3500 | * | congestion | |
| R3 | 1.3657 | ** | 1 May (m) high | S2 | 1.3450 | congestion | ||
| R2 | 1.3590/00 | ** | 61.8% ret; congestion | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3558 | ** | 15 Jul (m) high | S4 | 1.3300 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - The anticipated break above 1.3500 has reached 1.3530, before settling into consolidation above 1.3500 as overbought intraday studies unwind. Daily readings continue to rise, highlighting room for continuation towards the 1.3558 monthly high of 15 July. But already overbought daily stochastics could limit any initial tests in consolidation, before rising weekly charts prompt a break. A close above 1.3558 will improve sentiment and extend late-June gains towards strong resistance at the 1.3590 Fibonacci retracement and congestion around 1.3600. Meanwhile, a close back below 1.3500 would turn sentiment neutral and give way to consolidation above 1.3450.