Chart GBP/USD Update: Consolidating - background studies under pressure
Consolidation above congestion support at 1.3200 has given way to a sharp bounce to 1.3270~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3450 | break level | S1 | 1.3200 | ** | congestion | ||
| R3 | 1.3400 | ** | congestion | S2 | 1.3160~ | ** | 31 Mar YTD low | |
| R2 | 1.3350 | break level | S3 | 1.3100 | * | congestion | ||
| R1 | 1.3300 | ** | congestion | S4 | 1.3000/10 | ** | congestion; 4-5 Nov (m) low |
Asterisk denotes strength of level
08:10 BST - Consolidation above congestion support at 1.3200 has given way to a sharp bounce to 1.3270~, before settling lower into cautious trade around 1.3240. Intraday studies are mixed and oversold daily stochastics are unwinding, highlighting room for further consolidation in the coming sessions, before the negative daily Tension Indicator and bearish weekly charts prompt renewed selling interest. A later break back below 1.3200 will open up strong support at the 1.3160 current year low of 31 March. A further close beneath here will add weight to sentiment and extend January losses initially towards congestion around 1.3100. Meanwhile, resistance remains up to congestion around 1.3300 and should cap any immediate tests higher.