Chart GBP/USD Update: Pushing higher
Anticipated gains have reached 1.3448, before settling back into consolidation above congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | ** | 76.4% ret of Aug-Oct fall | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3500 | ** | congestion | S2 | 1.3350 | break level | ||
| R2 | 1.3470 | ** | 61.8% ret of Aug-Oct fall | S3 | 1.3300 | ** | congestion | |
| R1 | 1.3448 | 2 Nov high | S4 | 1.3250 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Anticipated gains have reached 1.3448, before settling back into consolidation above congestion support at 1.3400, as intraday studies turn mixed. Daily readings are ticking higher and broader weekly charts continue to improve, suggesting room for further gains in the coming sessions. A later break above 1.3448 will open up the 1.3470 Fibonacci retracement. However, already overbought daily stochastics could limit any initial tests in consolidation, before mid-October gains continue towards congestion around 1.3500,
Meanwhile, a close back below 1.3400 would help to stabilise sentiment and prompt consolidation above 1.3350.