Chart GBP/USD Update: Consolidating - daily studies leaning lower
Quiet trade, with prices consolidating above congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | minor congestion | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3600 | * | break level | S2 | 1.3324 | ** | 25 Sep (m) low | |
| R2 | 1.3527 | * | 1 Oct (w) high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Quiet trade, with prices consolidating above congestion support at 1.3400. Intraday studies are under pressure and daily readings are mixed/negative, highlighting room for fresh losses in the coming sessions. A break below 1.3400 will add weight to sentiment and open up strong support at the 1.3324 monthly low of 25 September. However, mixed weekly and longer-term charts are expected to limit any initial tests in consolidation. Meanwhile, resistance is at congestion around 1.3500 and extends to the 1.3527 weekly high of 1 October. This range should cap any immediate tests higher. A close above here, if seen, will improve price action and extend late-September gains towards resistance at 1.3600.