Chart GBP/USD Update: Consolidating test of critical support - studies under pressure
Anticipated losses have reached critical support at the 1.3140~ May-August range lows
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | * | congestion | S1 | 1.3140~ | ** | May-Aug (m) range lows | |
| R3 | 1.3300 | * | congestion | S2 | 1.3000 | * | congestion | |
| R2 | 1.3250 | * | congestion | S3 | 1.2950 | ** | 50% ret of Jan-Jun rally | |
| R1 | 1.3200 | * | congestion | S4 | 12900 | congestion |
Asterisk denotes strength of level
08:15 GMT - Anticipated losses have reached critical support at the 1.3140~ May-August range lows, where unwinding oversold intraday studies have prompted a bounce in cautious trade beneath congestion resistance at 1.3200. Daily readings continue to track lower and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A close beneath here would add weight to sentiment and confirm a deeper correction of the January-June rally, initially targeting congestion around 1.3000. Meanwhile, a close back above 1.3200 would help to stabilise price action and prompt consolidation beneath further congestion around 1.3250.