Published: 2025-05-16T07:32:55.000Z
Chart GBP/USD Update: Gains to remain limited
Senior Technical Strategist
1
Consolidation has given way to the anticipated break above 1.3300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3300 | break level | ||
| R3 | 1.3435 | ** | 26 Sep 2024 (y) high | S2 | 1.3250~ | 15 May low | ||
| R2 | 1.3400 | congestion | S3 | 1.3200 | ** | break level | ||
| R1 | 1.3360 | 14 May high | S4 | 1.3165 | ** | 38.2% ret of Apr rally |
Asterisk denotes strength of level
08:10 BST - Consolidation has given way to the anticipated break above 1.3300, as intraday studies tick higher, with prices currently trading around 1.3325. Daily stochastics are edging higher, suggesting room for a test of the 1.3360 high of 14 May. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit any further strength in renewed selling interest beneath congestion around 1.3400. Following cautious trade, fresh losses are looked for. Support is down to 1.3200. But a close below the 1.3165 Fibonacci retracement is needed to turn sentiment negative and extend late-April losses towards 1.3100.