Chart GBP/USD Update: Consolidating, but room for lower
Break of the 1.3500 level has seen losses to reach support at 1.3475 low of 13 August and 50% Fibonacci level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650/75 | ** | congestion, Aug high | S1 | 1.3475 | * | 13 Aug low, 50% | |
| R3 | 1.3600 | * | congestion | S2 | 1.3450 | ** | congestion | |
| R2 | 1.3550 | * | congestion | S3 | 1.3430 | * | 61.8% 28 Jul/Aug rally | |
| R1 | 1.3500 | * | congestion | S4 | 1.3400 | * | congestion |
Asterisk denotes strength of level
02:05 GMT - Break of the 1.3500 level has seen losses to reach support at 1.3475 low of 13 August and 50% Fibonacci level. Negative daily and weekly studies keep pressure on the downside and threatens further losses to retrace recent strong gains from the 1.3275, late-July low. Lower will see room to strong support at 1.3450 congestion and 1.3430/00 area. Meanwhile, resistance is lowered to 1.3500/1.3550 congestion area which is expected to cap. Regaining the 1.3550 resistance needed to revive upside focus for retest of the 1.3600 level and sets up scope for return to the 1.3650/75, May/August highs.