Chart GBP/USD Update: Pressuring 1.3550 resistance
Still limited above the 1.3550 resistance but pressure remains on the upside following bounce from the 1.3475 support
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | * | congestion | S1 | 1.3475 | * | 13 Aug low, 50% | |
| R3 | 1.3650/75 | ** | congestion, Aug high | S2 | 1.3450 | ** | congestion | |
| R2 | 1.3600 | * | congestion | S3 | 1.3430 | * | 61.8% 28 Jul/Aug rally | |
| R1 | 1.3550 | * | congestion | S4 | 1.3400 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Still limited above the 1.3550 resistance but pressure remains on the upside following bounce from the 1.3475 support. Daily studies have turned up from oversold areas and break here will revive upside focus and see scope for retest of the 1.3600 level then the 1.3650/75, May/August highs. Above here will extend the June gains and see room to target 1.3700. Meanwhile, support at the 1.3500/1.3475 area should underpin. Failure here will open up room for deeper pullback to retrace recent strong gains from the 1.3275 late-July low to strong support at 1.3450 congestion and 1.3430/00 area.