Chart GBP/USD Update: Cautious trade to give way to fresh losses
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | * | congestion | S1 | 1.2238 | 9 Jan low | ||
| R3 | 1.2400 | minor congestion | S2 | 1.2200 | * | congestion | ||
| R2 | 1.2352 | * | 2 Jan (w) low | S3 | 1.2095 | ** | November 2023 low | |
| R1 | 1.2300 | ** | 22 April 2024 (y) low | S4 | 1.2037 | ** | October 2023 (m) low |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at the 1.2300 year low of 22 April 2024. A test above here cannot be ruled out, but negative daily readings and bearish weekly charts should limit scope in renewed selling interest towards the 1.2352 weekly low of 2 January. In the coming sessions, cautious trade is expected to give way to fresh losses. A break below the 1.2238 low of 9 January will add weight to sentiment and extend September losses towards congestion around 1.2200. Beneath here is the 1.2095 low of November 2023. Meanwhile, a close above 1.2352 would help to stabilise price action and prompt consolidation beneath 1.2400.