Chart GBP/USD Update: Prices remain under pressure
The anticipated break below the 1.3140~ May-August range lows has reached 1.3100~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3300 | * | congestion | S1 | 1.3100~ | * | 31 Oct (m) low | |
| R3 | 1.3250 | * | congestion | S2 | 1.3000 | * | congestion | |
| R2 | 1.3200 | * | congestion | S3 | 1.2950 | ** | 50% ret of Jan-Jul rally | |
| R1 | 1.3140~ | ** | May-Aug (m) range lows | S4 | 12900 | congestion |
Asterisk denotes strength of level
08:10 GMT - The anticipated break below the 1.3140~ May-August range lows has reached 1.3100~, where mixed intraday studies and flat oversold daily stochastics are prompting short-term reactions. However, the daily Tension Indicator continues to track lower and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A later break below the 1.3100~ monthly low of 31 October will add weight to sentiment and extend July losses, initially targeting congestion around 1.3000. Meanwhile, a close back above 1.3140~ would help to stabilise price action and prompt consolidation beneath congestion around 1.3200.