Chart GBP/USD Update: Prices remain under pressure
Anticipated minor tests higher have been pushed back from 1.2650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | ** | break level | S1 | 1.2500 | * | congestion | |
| R3 | 1.2700 | break level | S2 | 1.2450 | * | congestion | ||
| R2 | 1.2650 | minor congestion | S3 | 1.2400 | minor congestion | |||
| R1 | 1.2600 | * | congestion | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
08:10 GMT - Anticipated minor tests higher have been pushed back from 1.2650, with steady losses extending to 1.2475 before bouncing back to trade around congestion support at 1.2500. Negative intraday studies are flattening, suggesting minor consolidation, before negative daily charts and a tick lower in weekly readings prompts further losses. A later close below 1.2500 will add weight to already bearish price action and extend September losses towards 1.2450. Further slippage will open up critical support at the 1.2300 current year low of 22 April. Meanwhile, a close back above 1.2600, not seen, would help to stabilise price action and give way to consolidation around 1.22650.