Chart GBP/USD Update: Pushing higher
Consolidation around congestion support at 1.3300 has given way to fresh gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | ** | 76.4% ret of Aug-Oct fall | S1 | 1.3350 | break level | ||
| R3 | 1.3500 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3470 | ** | 61.8% ret of Aug-Oct fall | S3 | 1.3250 | * | congestion | |
| R1 | 1.3400/05 | ** | congestion; 50% ret | S4 | 1.3200 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:10 GMT - Consolidation around congestion support at 1.3300 has given way to fresh gains, with prices currently testing levels just above resistance at congestion around 1.3400 and the 1.3450 Fibonacci retracement. Negative daily readings have turned higher, suggesting an improvement in sentiment and room for further gains in the coming sessions. Continuation beyond 1.3400/05 will open up the 1.3470 retracement. However, daily stochastics are approaching overbought areas and broader weekly charts are mixed, suggesting any immediate tests could give way to fresh consolidation.
Meanwhile, support is raised to 1.3350. A close back beneath here will turn sentiment neutral, and give way to consolidation above congestion support at 1.3300.