Chart GBP/USD Update: Leaning lower
Cautious trade around 1.3500 has given way to a drift lower to support at 1.3450
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3660 | * | congestion | S1 | 1.3450 | break level | ||
| R3 | 1.3600 | ** | congestion; 61.8% ret | S2 | 1.3430 | * | 38.2% ret of Mar-Apr rally | |
| R2 | 1.3550 | * | congestion | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3380 | ** | 50% ret of Mar-Apr rally |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3500 has given way to a drift lower to support at 1.3450, where oversold intraday studies are prompting fresh consolidation. Daily readings continue to fall, highlighting room for still deeper losses. A break beneath here will add weight to sentiment and extend mid-April losses below the 1.3430 Fibonacci retracement towards congestion around 1.3400 and the 1.3380 retracement. Rising weekly charts could limit any initial tests of this range in short-covering/consolidation. Meanwhile, resistance is lowered to congestion around 1.3500. A close back above here would help to stabilise price action and prompt consolidation beneath further congestion around 1.3550.