Chart GBP/USD Update: Approaching strong support
Anticipated losses are giving way to minor consolidation above congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | break level | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3650 | congestion | S2 | 1.3370 | * | 23 Jun (m) low | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3250 | * | congestion lows |
Asterisk denotes strength of level
08:10 BST - Anticipated losses are giving way to minor consolidation above congestion support at 1.3400, as oversold intraday studies unwind and oversold daily stochastics flatten. A minor bounce is possible from current levels. But the negative daily Tension Indicator and bearish weekly charts are expected to prompt renewed selling interest beneath congestion resistance at 1.3500. Following cautious trade, fresh losses are looked for. Support is at 1.3400 and extends to the 1.3370 monthly low of 23 June. A close beneath here will confirm a near-term top in place at the 1.3788 current year high of 1 July, as prices break below the rising January trendline, and initially open up a test of 1.3300. Meanwhile, a close back above 1.3500, if seen, would help to stabilise price action and give way to consolidation beneath further congestion around 1.3600.