Chart GBP/USD Update: Room to extend gains
Settled back from the 1.3370 high of last week as prices consolidate strong gains from the 1.3137 current year low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3475 | ** | 2 Sep low | S1 | 1.3300 | * | congestion | |
| R3 | 1.3450 | * | congestion | S2 | 1.3273 | * | 28 Jul low | |
| R2 | 1.3400 | ** | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3350 | * | congestion | S4 | 1.3180 | ** | 1 Oct low, congestion |
Asterisk denotes strength of level
01:50 GMT - Settled back from the 1.3370 high of last week as prices consolidate strong gains from the 1.3137 current year low of last week. Daily studies continues to track higher from oversold areas and suggest consolidation giving way to further gains later to retrace losses from the 1.3675, August high. Break above 1.3370 high will see room to the 1.3400 level. Higher still, will open up room to strong resistance at the 1.3450/1.3475 area. Meanwhile, support is raised to the 1.3300/1.3273 congestion and 28 July low which should underpin. Failure here will fade the upside pressure and see room for pullback to retest 1.3200/1.3180 support.