Chart GBP/USD Update: Consolidating - strong resistance at 1.3593/00
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | ** | congestion | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3750~ | ** | January 2022 (y) high | S2 | 1.3400 | congestion | ||
| R2 | 1.3650 | * | congestion | S3 | 1.3300 | break level | ||
| R1 | 1.3593/00 | ** | 26 May YTD high; cong | S4 | 1.3250~ | * | range lows |
Asterisk denotes strength of level
08:10 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above intraday support at 1.3540/50. Focus is turning to strong resistance at the 1.3593 current year high of 26 May. But mixed daily readings are expected to limit any immediate tests in further consolidation, before improving weekly charts prompt a break. A close above here and congestion around 1.3600 will turn sentiment positive and confirm continuation of September 2022 gains, initially to congestion around 1.3650. Meanwhile, support remains down to congestion around 1.3500 and is expected to underpin any immediate tests lower.