Published: 2026-05-01T07:38:35.000Z
Chart GBP/USD Update: Room for higher
-
Cautious trade has given way to a sharp bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3733 | * | 4 Feb (m) high | S1 | 1.3550 | * | congestion | |
| R3 | 1.3700 | ** | 76.4% ret of Jan-Mar fall | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3660 | * | congestion | S3 | 1.3450 | break level | ||
| R1 | 1.3600 | ** | congestion; 61.8% ret | S4 | 1.3430 | * | 38.2% ret of Mar-Apr rally |
Asterisk denotes strength of level
08:10 BST - Cautious trade has given way to a sharp bounce, with prices reaching strong resistance at 1.3600 before settling into fresh consolidation. Negative daily readings have turned positive, highlighting room for continuation beyond here towards congestion around 1.3660. But by-then overbought daily stochastics should limit any further break in selling interest towards the 1.3700 Fibonacci retracement. Meanwhile, support is raised to congestion around 1.3550. A close beneath here, if seen, would help to stabilise sentiment and prompt consolidation above further congestion around 1.3500.