Chart GBP/USD Update: Gains to remain limited
Consolidation around 1.3175 has given way to the anticipated test of congestion resistance at 1.3200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3350 | break level | S1 | 1.3140 | 24 Jun YTD low | |||
| R3 | 1.3300 | ** | congestion | S2 | 1.3100 | * | congestion | |
| R2 | 1.3250 | intraday break level | S3 | 1.3000/10 | ** | congestion; 4-5 Nov (m) low | ||
| R1 | 1.3200 | ** | congestion | S4 | 1.2985 | ** | 50% ret of 2025-2026 rally |
Asterisk denotes strength of level
08:10 BST - Consolidation around 1.3175 has given way to the anticipated test of congestion resistance at 1.3200, with prices currently balanced around here as overbought intraday studies flatten. Oversold daily stochastics are also flattening, suggesting room for a fresh test above here. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest/consolidation beneath 1.3250. Following cautious/corrective trade, fresh losses are looked for. Support remains at the 1.3140 current year low of 24 June. A later break beneath here will open up congestion around 1.3100. Further selling interest will add weight to sentiment and extend January losses towards critical support within the 1.2985 - 1.3000/10 range.