Chart GBP/USD Update: Reached strong support at 1.3370/00 - studies under pressure
Anticipated losses have reached support at the 1.3370 monthly low of 23 June and congestion around 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | break level | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3650 | congestion | S2 | 1.3370 | * | 23 Jun (m) low | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3250 | * | congestion lows |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have reached support at the 1.3370 monthly low of 23 June and congestion around 1.3400. Intraday studies are rising and oversold daily stochastics are flattening, prompting a bounce back to 1.3400. But the negative daily Tension Indicator and bearish weekly charts are expected to limit further gains in renewed selling interest beneath congestion resistance at 1.3500. Following cautious trade, fresh losses are looked for. A later close below 1.3370 will confirm a near-term top in place at the 1.3788 current year high of 1 July, as prices break below the rising January trendline, and initially open up a test of 1.3300.