Chart GBP/USD Update: Meeting profit-taking
Anticipated tests higher have been pushed back from 1.3545
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3450 | congestion | ||
| R3 | 1.3590/00 | ** | 61.8% ret; congestion | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul (m) high | S3 | 1.3300 | ** | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3275~ | ** | 28 Jul (m) low |
Asterisk denotes strength of level
08:10 BST - Anticipated tests higher have been pushed back from 1.3545, as intraday studies turn down, with prices currently trading around 1.3485. Overbought daily stochastics are ticking lower and the positive daily Tension Indicator is also turning down, suggesting room for continuation down to congestion support at 1.3450. A break will open up further congestion around 1.3400. But rising weekly charts should limit any tests of here in renewed consolidation. Meanwhile, resistance is lowered to congestion around 1.3500. But a close above the 1.3558 monthly high of 15 July will turn sentiment positive and extend late-June gains towards strong resistance at the 1.3590 Fibonacci retracement and congestion around 1.3600.