Chart GBP/USD Update: Poised for further losses
Little change, as prices extend pressure on strong support at the 1.3200 break level and the 1.3233 weekly low of 23 April
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | ** | congestion | S1 | 1.3233 | * | 23 Apr (w) low | |
| R3 | 1.3435 | ** | 26 Sep 2024 (y) high | S2 | 1.3200 | ** | break level | |
| R2 | 1.3400 | congestion | S3 | 1.3165 | ** | 38.2% ret of Apr rally | ||
| R1 | 1.3300 | break level | S4 | 1.3100 | * | break level |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend pressure on strong support at the 1.3200 break level and the 1.3233 weekly low of 23 April. Intraday studies are mixed/negative and daily readings are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and open up the 1.3165 Fibonacci retracement. Deteriorating weekly charts highlight room for continuation beneath here and extension of late-April losses towards 1.3100. Meanwhile, resistance remains at the 1.3300 break level. A close back above here, if seen, will help to stabilise price action and prompt consolidation beneath congestion around 1.3400.