Chart GBP/USD Update: Cautious trade - any immediate gains to remain limited
Little change, as prices extend choppy trade around congestion resistance at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3450 | congestion | ||
| R3 | 1.3590/00 | ** | 61.8% ret; congestion | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul (m) high | S3 | 1.3300 | ** | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3275~ | ** | 28 Jul (m) low |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend choppy trade around congestion resistance at 1.3500. Intraday studies are edging higher, suggesting room for a test above here. But daily readings are coming under pressure, suggesting any immediate break should be limited in renewed consolidation beneath the 1.3558 monthly high of 15 July. Rising weekly charts, however, highlight room for a later break above here and extension of late-June gains towards strong resistance at the 1.3590 Fibonacci retracement and congestion around 1.3600.
Meanwhile, support remains at congestion around 1.3450. Any tests beneath here should give way to renewed buying interest/consolidation above further congestion around 1.3400.