Published: 2025-10-22T07:29:29.000Z
Chart GBP/USD Update: Price action turning down
4
Cautious trade has given way to a sharp fall
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3527 | ** | 1 Oct (w) high | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | * | congestion | S2 | 1.3250 | * | congestion | |
| R2 | 1.3471 | 17 Oct (w) high | S3 | 1.3200 | * | congestion | ||
| R1 | 1.3400 | * | congestion | S4 | 1.3140~ | ** | May-Aug (m) range lows |
Asterisk denotes strength of level
08:10 BST - Cautious trade has given way to a sharp fall, with focus turning to congestion support at 1.3300. Intraday studies are bearish and daily readings have also turned down, highlighting room for a break beneath here towards further congestion around 1.3250. Broader weekly charts are also deteriorating, suggesting extension beneath here and continuation of mid-September losses towards further congestion around 1.3200. Meanwhile, resistance remains at congestion around 1.3400. A close above here, if seen, would help to stabilise price action and give way to consolidation beneath the 1.3471 weekly high of 17 October.