Chart GBP/USD Update: Further consolidation
Little change, as prices extend consolidation around 1.3550
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | 1 Jul YTD high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3752 | 2 Jul high | S2 | 1.3400 | * | congestion | ||
| R2 | 1.3681 | 4 Jul high | S3 | 1.3300 | * | congestion | ||
| R1 | 1.3590/00 | ** | 24 Jul (w) high; cong | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend consolidation around 1.3550. Intraday studies are leaning lower and overbought daily stochastics are unwinding, suggesting room for a fresh test lower towards congestion support at 1.3500. A break will add weight to sentiment and open up congestion support at 1.3400. But the rising daily Tension Indicator and mixed weekly charts should limit any tests in renewed consolidation. Meanwhile, resistance remains at the 1.3590 weekly high of 24 July and congestion around 1.3600. A close above here, if seen, will improve sentiment and open up the 1.3681 high of 4 July, where fresh consolidation is expected to appear.