Chart GBP/USD Update: Pressuring resistance at 1.3400/50
The anticipated drift lower towards congestion support at 1.3300 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | * | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3471 | * | 17 Oct (w) high | S2 | 1.3250 | * | congestion | |
| R2 | 1.3450 | ** | 61.8% ret of Sep-Nov fall | S3 | 1.3200 | * | congestion | |
| R1 | 1.3400 | ** | congestion | S4 | 1.3150 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - The anticipated drift lower towards congestion support at 1.3300 has not been seen, as cautious trade gives way to a fresh test above congestion resistance at 1.3400. Rising intraday studies are putting immediate focus back on the 1.3450 Fibonacci retracement. But mixed daily readings are expected to limit any initial tests in consolidation, before rising weekly charts prompt further gains. A close above here will turn sentiment positive and extend November gains beyond the 1.3471 weekly high of 17 October towards congestion around 1.3500. Meanwhile, immediate support is at intraday lows around 1.3360. Any break should find renewed buying interest towards 1.3300.