Chart GBP/USD Update: Consolidating above 1.3175/60 lows
Limited on break below the 1.3200 level as prices turned up in consolidation from the 1.3175 low to unwind oversold intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | congestion | S1 | 1.3160 | ** | 31 Mar YTD low | |
| R3 | 1.3350 | * | congestion | S2 | 1.3100 | * | congestion | |
| R2 | 1.3300 | * | congestion | S3 | 1.3040 | * | 20 Nov low | |
| R1 | 1.3250 | * | congestion | S4 | 1.3010 | ** | 5 Nov low |
Asterisk denotes strength of level
01:45 GMT - Limited on break below the 1.3200 level as prices turned up in consolidation from the 1.3175 low to unwind oversold intraday and daily studies. However, bearish structure from the January high threatens break here and the 1.3160 low of last week to open up room for extension to the 1.3100 level. Below here will expose the 1.3010 November low to retest. Meanwhile, resistance is lowered to the 1.3250/1.3300 congestion area which is expected to cap. Would need to regain this to ease the downside pressure and set up scope for stronger bounce to retest resistance at 1.3400 and the 1.3480, March lower high.