Chart GBP/USD Update: Tests higher not sustained - back in range
The anticipated test of congestion resistance at 1.3300 has not been sustained
| 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 - The anticipated test of congestion resistance at 1.3300 has not been sustained, as intraday studies turn down, with prices falling sharply from 1.3310~ to currently trade around 1.3250. Continuation down to strong support at 1.3200 is looked for. But rising daily stochastics and a tick higher in the daily Tension Indicator should limit any initial tests in fresh consolidation. Broader weekly charts continue to fall, however, pointing to a later break. However, a close below the 1.3140 current year low of 24 June will turn sentiment negative and confirm continuation of broad January losses.
Meanwhile, resistance remains at the 1.3273 weekly low of 28 July and extends to 1.3300. A close above here is needed to help stabilise price action and prompt consolidation beneath the 1.3360 range lows.