Chart GBP/USD Update: Consolidating test of 1.3650/58 resistance
No follow-through on break of resistance at 1.3650/58 congestion and May high as prices consolidate strong gains from 1.3275 late-July low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | * | Jul 2025 yr high | S1 | 1.3600 | * | congestion | |
| R3 | 1.3750 | * | congestion | S2 | 1.3558/50 | ** | Jul high, congestion | |
| R2 | 1.3700 | * | congestion | S3 | 1.3500 | * | congestion | |
| R1 | 1.3650/58 | ** | congestion, May high | S4 | 1.3475 | * | 13 Aug low |
Asterisk denotes strength of level
02:10 GMT - No follow-through on break of resistance at 1.3650/58 congestion and May high as prices consolidate strong gains from 1.3275 late-July low. However, bullish momentum and positive daily and weekly studies keep pressure on the upside and see room for break here to extend the broader gains from 1.3140 June current year low. Clearance will turn focus to resistance at the 1.3700/50 congestion area. Meanwhile, support is raised to the 1.3600 level which is expected to underpin. Below here will ease the upside pressure and see room for deeper consolidation to strong support at 1.3558/50.