Chart GBP/USD Update: Consolidating - resistance at 1.3400
Little change, as prices extend consolidation following the bounce from congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | congestion | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3600 | * | congestion | S2 | 1.3350 | * | congestion lows | |
| R2 | 1.3555 | ** | 76.4% ret of Sep-Nov fall | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3200 | ** | break level |
Asterisk denotes strength of level
08:10 GMT - Little change, as prices extend consolidation following the bounce from congestion support at 1.3400. Oversold daily stochastics are rising, suggesting room for continuation towards congestion resistance at 1.3500. But the negative daily Tension Indicator and mixed weekly charts are expected to limit any tests in renewed consolidation. However, a close above the 1.3555 Fibonacci retracement, if seen, will turn sentiment positive and extend November gains initially towards congestion around 1.3600. Meanwhile, a close below 1.3400 will add weight to sentiment and open up congestion around 1.3350. But any deeper losses should give way to fresh buying interest/consolidation above 1.3300.