Chart GBP/USD Update: Under pressure
Cautious trade around 1.3500 is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3681 | 4 Jul high | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3590/00 | ** | 24 Jul (w) high; cong | S2 | 1.3300 | * | congestion | |
| R2 | 1.3550 | intraday break level | S3 | 1.3200 | * | congestion | ||
| R1 | 1.3500 | ** | congestion | S4 | 1.3140~ | * | May-Aug lows |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3500 is giving way to a pullback, as intraday studies turn down, with prices currently trading around 1.3440. Daily stochastics continue to fall and the daily Tension Indicator is also under pressure, highlighting room for fresh losses in the coming sessions towards congestion support at 1.3400. A break will open up congestion around 1.3300. Rising weekly stochastics highlight room for consolidation around here, before the negative weekly Tension Indicator prompt further losses. Meanwhile, resistance remains up to congestion around 1.3500. A break back above here, if seen, is expected to give way to consolidation beneath 1.3550.