Chart GBP/USD Update: Leaning lower
Cautious trade around 1.3500 has given way to anticipated selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3400 | * | congestion | |
| R3 | 1.3555 | ** | 76.4% ret of Sep-Nov fall | S2 | 1.3350 | * | recent lows | |
| R2 | 1.3535~ | * | 24 Dec (w) high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3200 | ** | congestion |
Asterisk denotes strength of level
08:10 GMT - Cautious trade around 1.3500 has given way to anticipated selling interest, with prices currently trading around the 1.3455~ low of 23 December. Daily readings are bearish, highlighting room for continuation towards congestion support at 1.3400. But rising weekly charts should limit any break beneath here in renewed buying interest/consolidation above the 1.3350 recent lows. Following corrective trade, fresh gains are looked for. Resistance remains at congestion around 1.3500. But a close above the 1.3555 Fibonacci retracement is needed to turn sentiment positive and extend November gains towards congestion resistance at 1.3600.