Published: 2026-05-29T07:28:20.000Z
Chart GBP/USD Update: Consolidating - background studies under pressure
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Consolidation above congestion support at 1.3400 has given way to a push higher to resistance at 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3550 | * | congestion | S2 | 1.3367 | 28 May low | ||
| R2 | 1.3500 | ** | congestion | S3 | 1.3300 | ** | congestion | |
| R1 | 1.3450 | break level | S4 | 1.3275 | ** | 76.4% ret of Mar-May rally |
Asterisk denotes strength of level
08:00 BST - Consolidation above congestion support at 1.3400 has given way to a push higher to resistance at 1.3450, where unwinding overbought intraday studies are prompting a pullback to 1.3425. Negative daily readings have turned flat, suggesting room for further consolidation in the coming sessions, before bearish weekly charts prompt fresh losses. A later close below 1.3400 will add weight to sentiment and open up a test of stronger support at congestion around 1.3300. Meanwhile, a close 1.3450 should be limited in consolidation beneath congestion resistance at 1.3500.