Chart GBP/USD Update: Poised for fresh gains
Little change, as mixed intraday studies keep near-term sentiment cautious
| 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 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend pressure on strong resistance at congestion around 1.3400 and the 1.3405 Fibonacci retracement. Daily readings have ticked higher once again and mixed/negative weekly studies are showing signs of improvement, suggesting room for a later break in the coming sessions. A close above here will improve sentiment and extend mid-October gains towards the 1.3470 retracement. Just higher is congestion around 1.3500. But already overbought daily stochastics could limit any initial tests of this range in profit-taking/consolidation.
Meanwhile, support remains at 1.3350. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above congestion around 1.3300.