Chart GBP/USD Update: Range trade
The anticipated test above congestion resistance at 1.3400 has been pushed back from 1.3425
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | * | congestion | S1 | 1.3350 | break level | ||
| R3 | 1.3500 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3450 | break level | S3 | 1.3275 | ** | 76.4% ret of Mar-May rally | ||
| R1 | 1.3400 | ** | congestion | S4 | 1.3200 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - The anticipated test above congestion resistance at 1.3400 has been pushed back from 1.3425, with mixed intraday studies prompting fresh consolidation within the 1.3350 - 1.3400 range. Daily stochasatics are edging higher, suggesting room for a retest of 1.3400. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest beneath 1.3450. Following cautious/corrective trade, fresh losses are looked for. A break below 1.3350 will open up congestion around 1.3300. But a close below the 1.3275 Fibonacci retracement is needed to turn sentiment negative and confirm continuation of May losses.