Chart GBP/USD Update: Leaning lower
The anticipated minor test higher has met selling interest at congestion resistance around 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | ** | congestion | S2 | 1.3287 | * | 9 Dec (w) low | |
| R2 | 1.3450 | ** | congestion | S3 | 1.3253 | 3 Mar YTD low | ||
| R1 | 1.3400 | ** | congestion | S4 | 1.3200/15 | ** | congestion; 76.4% ret |
Asterisk denotes strength of level
08:10 GMT - The anticipated minor test higher has met selling interest at congestion resistance around 1.3400, with prices settling lower towards support at the 1.3287 weekly low of 9 December and congestion around 1.3300. Intraday studies are falling, and both daily and weekly readings are negative, highlighting room for deeper losses in the coming sessions. A close below 1.3287/00 will open up the 1.3253 current year low of 3 March, with further selling adding weight to sentiment and extending late-January losses towards congestion around 1.3200 and the 1.3215 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests of this range in short-covering/consolidation. Meanwhile, any immediate tests higher should meet renewed selling interest beneath 1.3400.