Published: 2025-07-29T02:00:05.000Z
Chart GBP/USD Update: Retracing January/July rally
Technical Analyst
2
Break of the 1.3370 support triggers a 2-month top pattern at the 1.3788 high and see room to further retrace the January/July rally
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600/32 | ** | congestion, 13 Jun high | S1 | 1.3300 | * | congestion | |
| R3 | 1.3588 | ** | 24 Jul high | S2 | 1.3250 | * | congestion | |
| R2 | 1.3500 | * | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3435 | * | 2024 year high | S4 | 1.3140 | * | May low, 38.2% |
Asterisk denotes strength of levelr
01:50 GMT - Break of the 1.3370 support triggers a 2-month top pattern at the 1.3788 high and see room for deeper pullback to retrace the January/July rally. Daily and weekly studies are tracking lower from overbought readings and lower will see room to the 1.3300 level. Lower still, will see extension to support at 1.3250 and 1.3200 congestion. Meanwhile, resistance is lowered to 1.3435, 2024 year high, which is expected to cap and sustain losses from the 1.3588 high of last week.