Chart GBP/USD Update: Poised for fresh losses
Little change, as prices extend pressure on support at the 1.3475 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3475 | ** | 50% ret of Jul-Aug rally | |
| R3 | 1.3600 | ** | congestion | S2 | 1.3425 | ** | 61.8% ret of Jul-Aug rally | |
| R2 | 1.3550 | * | range highs | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3370 | ** | 76.4% ret of Jul-Aug rally |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend pressure on support at the 1.3475 Fibonacci retracement. Intraday studies are turning down and both daily and weekly charts are under pressure, highlighting room for fresh losses in the coming sessions. A close beneath here will add weight to sentiment and extend late-August losses towards congestion around 1.3400 and the 1.3425 retracement. Oversold daily stochastics could limit any initial tests in short-covering/consolidation, before deteriorating weekly charts prompt a deeper retracement.
Meanwhile, resistance is at congestion around 1.3500. A close above here, if seen, will help to stabilise price action and prompt range extension beneath the 1.3550 highs.