Chart GBP/USD Update: Short-term consolidation - studies remain under pressure
Anticipated losses have reached 1.3220~, where unwinding oversold intraday studies are prompting consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | congestion | S1 | 1.3200 | ** | cong, 38.2% ret | |
| R3 | 1.3360 | * | range lows | S2 | 1.3140 | ** | 24 Jun YTD low | |
| R2 | 1.3300 | ** | congestion | S3 | 1.3100 | ** | congestion | |
| R1 | 1.3273 | ** | 28 Jul (w) low | S4 | 1.3000/10 | ** | cong; November 2025 low |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have reached 1.3220~, where unwinding oversold intraday studies are prompting consolidation. A minor bounce is possible. But negative daily readings and deteriorating weekly charts should limit scope in renewed selling interest beneath resistance at the 1.3273 weekly low of 28 July and congestion around 1.3300. An unexpected close above here would help to stabilise sentiment and prompt consolidation beneath 1.3300
Following cautious/corrective trade, fresh losses are looked for. Strong support is at 1.3200. A break will open up the 1.3140 current year low of 24 June, where already oversold daily stochastics could prompt short-covering/consolidation, before broad January losses resume.