Chart GBP/USD Update: Prices remain under pressure
Cautious trade around 1.3500 has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3681 | 4 Jul high | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3590/00 | ** | 24 Jul (w) high; cong | S2 | 1.3300 | * | congestion | |
| R2 | 1.3550 | intraday break level | S3 | 1.3200 | * | congestion | ||
| R1 | 1.3500 | ** | congestion | S4 | 1.3140~ | * | May-Aug lows |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3500 has given way to anticipated losses, with prices currently trading around 1.3445. Daily stochastics continue to fall and the daily Tension Indicator is turning down, highlighting room for further losses in the coming sessions. Focus is on congestion support at 1.3400. A break will open up congestion around 1.3200. But unwinding oversold weekly stochastics are expected to prompt fresh buying interest/consolidation towards here. Meanwhile, resistance is lowered to congestion around 1.3500. A break back above here, if seen, is expected to give way to consolidation beneath the 1.3590 weekly high of 24 July and congestion around 1.3600.