Chart GBP/USD Update: Cautious trade
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3450 | ** | 61.8% ret of Sep-Nov fall | S1 | 1.3300 | * | congestion | |
| R3 | 1.3400 | ** | congestion | S2 | 1.3250 | * | congestion | |
| R2 | 1.3385 | * | 4 Dec (w) high | S3 | 1.3200 | * | congestion | |
| R1 | 1.3365 | ** | 50% ret of Sep-Nov fall | S4 | 1.3150 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and extend consolidation above congestion support at 1.3300. The positive daily Tension Indicator is flattening, suggesting potential for a test beneath here. But rising weekly charts are expected to limit any break in renewed buying interest/consolidation above further congestion around 1.3250. Meanwhile, resistance remains at the 1.3365 Fibonacci retracement. A close above here will open up congestion around 1.3400. But already overbought daily stochastics are expected to limit any immediate extension in profit-taking/consolidation beneath the 1.3450 retracement.