Weekly Chart GBP/USD Update: Pressuring range highs - studies rising

Little change, as choppy trade gives way to a retest of congestion resistance at 1.3500.

The weekly Tension Indicator continues to rise and weekly stochastics are also improving, suggesting room for a break above here towards further congestion around 1.3600.

But the broader flag/triangle pattern suggests a cautious tone and risk of increased selling interest into any immediate break towards congestion tops around 1.3650.

A close above 1.3650, however, will improve sentiment and extend late-June gains towards critical resistance at the 1.3870 current year high of 27 January.

Meanwhile, support is raised to congestion around 1.3400,

and should underpin any immediate setbacks, as daily studies continue to rise.

A close beneath here, if seen, will stabilise price action and prompt consolidation above congestion around 1.3300 and the 1.3273 weekly low of 28 July.

(Still further selling would turn sentiment negative and extend losses from the 1.3558 monthly high of 15 July towards further congestion around 1.3200.)