Chart GBP/USD Update: Resistance at 1.3400/50 - daily studies under pressure
The retest above congestion resistance at 1.3400 has met renewed selling interest at the 1.3450 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | * | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3471 | * | 17 Oct (w) high | S2 | 1.3250 | * | congestion | |
| R2 | 1.3450 | ** | 61.8% ret of Sep-Nov fall | S3 | 1.3200 | * | congestion | |
| R1 | 1.3400 | ** | congestion | S4 | 1.3150 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - The retest above congestion resistance at 1.3400 has met renewed selling interest at the 1.3450 Fibonacci retracement, with prices once again balanced in cautious trade beneath 1.3400. Daily stochastics and the daily Tension Indicator continue to track lower, highlighting room for a drift lower towards congestion support at 1.3300. A break will add weight to sentiment and open up congestion around 1.3250. But rising weekly charts should limit any deeper losses in renewed buying interest/consolidation above 1.3200. Meanwhile, a close above 1.3450 is needed to turn sentiment positive and confirm continuation of November gains beyond the 1.3471 weekly high of 17 October towards congestion around 1.3500.