Chart GBP/USD Update: Leaning lower in consolidation
Leaning lower in consolidation as prices correct short-term overbought condition
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | ** | May high | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3600 | * | congestion | S2 | 1.3342 | * | 13 Jul low | |
| R2 | 1.3550/58 | ** | congestion, 15 Jul high | S3 | 1.3300 | ** | May low | |
| R1 | 1.3500 | * | congestion | S4 | 1.3350 | ** | congestion |
Asterisk denotes strength of level
01:50 GMT - Leaning lower in consolidation as prices correct short-term overbought condition following sharp rally from the 1.3442 low of last week. Below the 1.3450 support opens up room t othe 1.3400 f 10 July expected to underpin and give way to renewed buying interest. Meanwhile, break above 1.3550 will open up room to strong support at 1.3400 congestion which is expected to underpin. Only below here will turn focus lower for retest of support at 1.3342/1.3300 congestion and May low. Meanwhile, resistance is lowered to 1.3500 congestion. Regaining this return focus to the 1.3558 high and see potential to extend the June gains.