Chart GBP/USD Update: Cautious trade - studies under pressure
Still little change, as prices extend consolidation beneath resistance at the 1.3657 monthly high of 1 May
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | ** | congestion | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3733 | 4 Feb (w) high | S2 | 1.3558 | ** | 15 Jul (m) high | ||
| R2 | 1.3700 | ** | congestion, 76.4% ret | S3 | 1.3500 | * | congestion | |
| R1 | 1.3657 | ** | 1 May (m) high | S4 | 1.3450 | congestion |
Asterisk denotes strength of level
08:10 BST - Still little change, as prices extend consolidation beneath resistance at the 1.3657 monthly high of 1 May. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is flattening, adding weight to sentiment and expected to limit any immediate tests above here. A break, if seen, will extend late-June gains towards strong resistance at 1.3700, where profit-taking/consolidation is expected to appear.
In the coming sessions, cautious trade is expected to give way to a drift lower towards congestion support at 1.3600. However, rising weekly charts should limit any break beneath here in consolidation above the 1.3558 monthly high of 15 July.