Chart GBP/USD Update: Approaching support at the 1.3215 Fibonacci retracement
Anticipated losses have tested below 1.3250 to reach 1.3235
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3465 | * | 38.2% ret of Jan-Mar fall | S1 | 1.3250 | * | recent lows, congestion | |
| R3 | 1.3450 | ** | congestion | S2 | 1.3215 | ** | 76.4% ret of Nov-Jan rally | |
| R2 | 1.3400 | ** | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3300 | * | congestion | S4 | 1.3100 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have tested below 1.3250 to reach 1.3235, before bouncing back above 1.3250 as oversold intraday studies flatten. Daily readings continue to point lower and broader weekly charts remain under pressure, highlighting room for continuation down to strong support at the 1.3215 Fibonacci retracement. Already oversold weekly stochastics could limit any initial tests in consolidation, before deteriorating longer-term charts prompt any further losses. A close beneath here will add weight to sentiment and extend late-January losses below 1.3200 towards 1.3100. Meanwhile, resistance is lowered to congestion around 1.3300. A close back above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.3400.