Chart GBP/USD Update: Room for lower
Anticipated losses have reached congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | break level | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3650 | congestion | S2 | 1.3370 | * | 23 Jun (m) low | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3250 | * | congestion lows |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have reached congestion support at 1.3400, where mixed/negative intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting a bearish tone and room for deeper losses in the coming sessions. A further close below the 1.3370 monthly low of 23 June will add weight to sentiment and confirm a near-term top in place at the 1.3788 current year high of 1 July, as focus then turns initially to congestion around 1.3300. Meanwhile, resistance remains at congestion around 1.3500. A close above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath 1.3600.