Chart GBP/USD Update: Leaning lower
Cautious trade around congestion resistance at 1.3600 has given way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | 1 Jul YTD high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3700 | break level | S2 | 1.3400 | * | congestion | ||
| R2 | 1.3650 | congestion | S3 | 1.3370 | * | 23 Jun (m) low | ||
| R1 | 1.3600 | * | congestion | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade around congestion resistance at 1.3600 has given way to a drift lower, as intraday studies come under pressure, with prices currently trading around 1.3550. Daily readings are negative and broader weekly charts are deteriorating, highlighting room for further losses in the coming sessions. Focus is on congestion support at 1.3500. A break will extend July losses towards strong support at the 1.3370 monthly low of 23 June and congestion around 1.3400. However, mixed/positive longer-term readings could limit any initial tests of this range in fresh consolidation. Meanwhile, resistance remains at 1.3600 and should cap any immediate tests higher.