Published: 2025-05-06T07:35:36.000Z
Chart GBP/USD Update: Cautious trade - gains to remain limited
Senior Technical Strategist
1
Little change, as prices extend cautious trade above support at the 1.3233 weekly low of 23 April
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3233 | * | 23 Apr (w) low | |
| R3 | 1.3435 | ** | 26 Sep 2024 (y) high | S2 | 1.3200 | ** | break level | |
| R2 | 1.3400 | congestion | S3 | 1.3165 | ** | 38.2% ret of Apr rally | ||
| R1 | 1.3300 | break level | S4 | 1.3100 | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade above support at the 1.3233 weekly low of 23 April. Intraday studies have ticked higher and oversold daily stochastics are flattening, prompting a test above resistance at 1.3300. But the bearish daily Tension Indicator and mixed weekly charts are expected to limit scope in renewed consolidation beneath congestion resistance at 1.3400. Meanwhile, a close below 1.3233, if seen, will add weight to sentiment and confirm a near-term top in place around the 1.3435 year high of 26 September 2024, as the 1.3165 Fibonacci retracement then attracts.