Chart GBP/USD Update: Turning away from 1.3200 in profit-taking
The break above resistance at congestion around 1.3100 and the 1.3120 Fibonacci retracement has met anticipated selling interest at 1.3200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3350 | * | congestion | S1 | 1.3000 | ** | range highs | |
| R3 | 1.3275 | * | congestion | S2 | 1.2900 | ** | congestion | |
| R2 | 1.3200 | * | break level | S3 | 1.2860 | * | 6-10 Mar lows | |
| R1 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S4 | 1.2800 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - The break above resistance at congestion around 1.3100 and the 1.3120 Fibonacci retracement has met anticipated selling interest at 1.3200, as intraday studies turn down, with steady selling interest pushing prices down to 1.3050. A test of support at the 1.3000 range highs is possible. However, rising daily readings and mixed/positive weekly charts are expected to limit any break in renewed range trade above congestion around 1.2900. Following cautious trade, fresh gains are looked for. But a close above 1.3120 is needed to turn sentiment positive and confirm continuation of January gains, initially back to 1.3200.