Chart GBP/USD Update: Cautious trade - studies leaning lower
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 1.3440
| 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 - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 1.3440. Daily readings are turning down once again and overbought weekly stochastics are also ticking lower, highlighting room for fresh losses in the coming sessions. A break below congestion support at 1.3400 will open up congestion lows around 1.3350. But the rising weekly Tension Indicator is expected to limit any initial tests in fresh consolidation. Meanwhile, resistance remains at 1.3500. 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.