Chart GBP/USD Update: Under pressure
Extending rejection from the 1.3485 Tuesday's high with break of the 1.3400 congestion returning focus to the downside for retest of the 1.3344/1.3300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3575 | ** | 26 Feb high | S1 | 1.3344 | * | Jan low | |
| R3 | 1.3500/10 | ** | congestion, 6 Feb low | S2 | 1.3300 | * | congestion | |
| R2 | 1.3485 | * | 10 Mar high | S3 | 1.3253 | ** | 3 Mar YTD low | |
| R1 | 1.3400 | congestion | S4 | 1.3215 | * | 76.4% Nov/Jan rally |
Asterisk denotes strength of level
01:50 GMT - Extending rejection from the 1.3485 Tuesday's high with break of the 1.3400 congestion returning focus to the downside for retest of the 1.3344/1.3300, January low and congestion area. Lower highs from the 1.3870 January current year high threaten break here and the 3 March YTD low at 1.3253 to extend losses and see deeper pullback to retrace the November/January rally. Lower will see room to 1.3215, 76.4% Fibonacci level. Meanwhile, resistance at the 1.3450/1.3485 congestion and Tuesday's high now expected to cap and sustain losses from January high.