Chart GBP/USD Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade around congestion support at 1.2900
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3200 | * | break level | S1 | 1.2900 | ** | congestion | |
| R3 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S2 | 1.2860 | * | 6-10 Mar lows | |
| R2 | 1.3050 | * | break level | S3 | 1.2800 | ** | congestion | |
| R1 | 1.3000 | ** | break level | S4 | 1.2700 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade around congestion support at 1.2900. Mixed intraday studies have turned down and daily readings are also under pressure, highlighting room for fresh tests lower in the coming sessions. A break below 1.2900 will open up the 1.2860 low from 6-10 March. A tick lower in overbought weekly stochastics is also adding pressure to price action, suggesting room for a later break beneath here and completion of a minor distribution top below 1.3000. March losses will then target congestion around 1.2800. Meanwhile, resistance remains at the 1.3000 break level and is expected to cap any immediate tests higher.