Chart GBP/USD Update: Cautious trade - studies under pressure
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3550 | * | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3500 | ** | congestion | S3 | 1.3275 | ** | 76.4% ret of Mar-May rally | |
| R1 | 1.3450 | break level | S4 | 1.3250 | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation within the 1.3400 - 1.3450 range. Rising daily stochastics highlight room for further range trade, before the bearish daily Tension Indicator and deteriorating weekly charts prompt fresh losses. A later close below congestion support at 1.3400 will add weight to sentiment and open up further congestion around 1.3300. But a close below the 1.3275 would confirm continuation of May losses and open up 1.3200. Meanwhile, any fresh tests above resistance at 1.3450 should meet selling pressure towards congestion around 1.3500.