Chart GBP/USD Update: Balanced around 1.3500 - daily studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3400 | * | congestion | |
| R3 | 1.3555 | ** | 76.4% ret of Sep-Nov fall | S2 | 1.3350 | * | recent lows | |
| R2 | 1.3535~ | * | 24 Dec (w) high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3200 | ** | congestion |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion at 1.3500. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is flattening, suggesting room for a minor pullback. Focus is expected to turn to the 1.3455~ low of 23 December. But rising weekly charts should limit any break beneath here in renewed buying interest/consolidation above congestion support at 1.3400. Following corrective trade, fresh gains are looked for. A close above resistance at the 1.3555 Fibonacci retracement is needed to turn sentiment positive and extend November gains towards congestion resistance at 1.3600.