Chart GBP/USD Update: Pressuring the 1.3430 Fibonacci retracement - studies rising
Cautious trade has given way to a test above resistance at 1.3430 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | ** | congestion; 61.8% ret | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3550 | * | congestion | S2 | 1.3350 | congestion | ||
| R2 | 1.3500/15 | ** | congestion; 50% ret | S3 | 1.3300 | * | congestion | |
| R1 | 1.3430 | * | 38.2% ret of Jan-Mar fall | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade has given way to a test above resistance at 1.3430 Fibonacci retracement, before settling lower into renewed consolidation beneath here. However, daily readings continue to rise and oversold weekly stochastics are unwinding, highlighting room for fresh gains in the coming sessions. A close above 1.3430 would help to improve sentiment and extend late-March gains towards strong resistance at congestion around 1.3500 and the 1.3515 retracement. Meanwhile, support is at congestion around 1.3400. A test beneath here, if seen, should meet renewed buying interest towards further congestion around 1.3350.