Chart GBP/USD Update: Edging higher in consolidation
Turned up from the 1.3475 low to consolidate losses from the 1.3675 August high and unwind oversold daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | * | congestion | S1 | 1.3475 | * | 13 Aug low, 50% | |
| R3 | 1.3650/75 | ** | congestion, Aug high | S2 | 1.3450 | ** | congestion | |
| R2 | 1.3600 | * | congestion | S3 | 1.3430 | * | 61.8% 28 Jul/Aug rally | |
| R1 | 1.3550 | * | congestion | S4 | 1.3400 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Turned up from the 1.3475 low to consolidate losses from the 1.3675 August high and unwind oversold daily studies. Pressure return to the resistance at 1.3550 congestion where break will revive upside focus and see scope for retest of the 1.3600 level then the 1.3650/75, May/August highs. Above here will extend gains from the 1.3140 June low and see room to 1.3700. Meanwhile, support at the 1.3500/1.3475 area should underpin. Break here will open up room for deeper pullback to retrace recent strong gains from the 1.3275 late-July low to strong support at 1.3450 congestion and 1.3430/00 area.