Chart GBP/USD Update: Consolidating - daily studies rising
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3175 | * | 4 Oct high | S1 | 1.2907 | * | 23 Oct (w) low | |
| R3 | 1.3100 | * | congestion | S2 | 1.2865 | ** | 50% ret of Apr-Sep rally | |
| R2 | 1.3070 | * | 18 Oct (w) high | S3 | 1.2800 | ** | congestion | |
| R1 | 1.3000 | ** | congestion | S4 | 1.2735 | ** | 61.8% ret of Apr-Sep rally |
Asterisk denotes strength of level
08:05 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade beneath congestion resistance at 1.3000. Daily readings are rising, highlighting room for a test above here. But negative weekly charts are expected to limit scope in fresh selling interest beneath resistance at the 1.3070 weekly high of 18 October. A further close above congestion around 1.3100, not seen, would turn sentiment positive and extend gains towards 1.3175. Meanwhile, support is down to the 1.2907 weekly low of 23 October. A close beneath here would turn sentiment negative and extend September losses initially to the 1.2865 Fibonacci retracement.