Published: 2025-05-15T07:23:19.000Z
Chart GBP/USD Update: Cautious trade - background studies under pressure
Senior Technical Strategist
2
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3200 | ** | break level | |
| R3 | 1.3435 | ** | 26 Sep 2024 (y) high | S2 | 1.3165 | ** | 38.2% ret of Apr rally | |
| R2 | 1.3400 | congestion | S3 | 1.3100 | * | break level | ||
| R1 | 1.3300 | break level | S4 | 1.3075 | ** | 50% ret of Apr rally |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at 1.3300. Oversold daily stochastics are edging higher, suggesting potential for a test above here. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath congestion around 1.3400. Following cautious trade, fresh losses are looked for. Support remains down to 1.3200. But a close below the 1.3165 Fibonacci retracement is needed to turn sentiment negative and extend late-April losses towards 1.3100.