Chart GBP/USD Update: Extend choppy trade above 1.3260/33 support
Extend choppy trade above the 1.3260/1.3233 support as prices unwind the oversold intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | * | congestion | S2 | 1.3233 | * | 23 Apr low | |
| R2 | 1.3435 | ** | Sep 2024 year high | S3 | 1.3207 | ** | 3 Apr high | |
| R1 | 1.3400 | * | congestion | S4 | 1.3165 | * | 38.2% Apr rally |
Asterisk denotes strength of level
01:45 GMT - Extend choppy trade above the 1.3260/1.3233 support as prices unwind the oversold intraday and daily studies. Strong bounce has seen retest of the 1.3400 level and clearance here will expose the 1.3435 high of last year to retest. However, the latter is expected to cap as weekly studies remains overbought and suggest choppy trade giving way to deeper pullback later. Would take break of the 1.3260/33 support to open up deeper pullback to retrace strong rally from the 1.2708 low of April. Break here and the 1.3200 level will see room to the 38.2% Fibonacci level at 1.3165 and 1.3100 congestion.