Chart GBP/USD Update: Cautious trade - studies remain under pressure
Little change, as prices extend cautious trade following the test of resistance at the 1.3273 weekly low of 28 July
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3400 | ** | congestion | S1 | 1.3200 | ** | cong, 38.2% ret | |
| R3 | 1.3360 | * | range lows | S2 | 1.3140 | ** | 24 Jun YTD low | |
| R2 | 1.3300 | ** | congestion | S3 | 1.3100 | ** | congestion | |
| R1 | 1.3273 | ** | 28 Jul (w) low | S4 | 1.3000/10 | ** | cong; November 2025 low |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade following the test of resistance at the 1.3273 weekly low of 28 July. Oversold daily stochastics are ticking higher, suggesting room for further cautious trade, before the bearish daily Tension Indicator and negative weekly charts prompt fresh losses. Support is at 1.3200. A later break beneath here will open up the 1.3140 current year low of 24 June. But already oversold daily stochastics could prompt short-covering/consolidation above here, before broad January losses resume.
Meanwhile, resistance remains at 1.3273 and extends to congestion around 1.3300. An unexpected close above here would help to stabilise sentiment and prompt consolidation beneath 1.3360.