Chart GBP/USD Update: Higher in range
Consolidation above congestion support at 1.3400 has given way to a bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | congestion | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3600 | * | congestion | S2 | 1.3350 | * | congestion lows | |
| R2 | 1.3555 | ** | 76.4% ret of Sep-Nov fall | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3200 | ** | break level |
Asterisk denotes strength of level
08:10 GMT - Consolidation above congestion support at 1.3400 has given way to a bounce, as intraday studies track higher, with prices currently trading around 1.3450. Oversold daily stochastics are also turning higher, suggesting room for continuation towards congestion resistance at 1.3500. But the negative daily Tension Indicator and mixed weekly charts are expected to limit any tests in renewed consolidation. However, a close above the 1.3555 Fibonacci retracement, if seen, will turn sentiment positive and extend November gains initially towards congestion around 1.3600. Meanwhile, a close below 1.3400 will add weight to sentiment and open up congestion around 1.3350. But any deeper losses should give way to fresh buying interest/consolidation above 1.3300.