Chart GBP/USD Update: Limited scope above 1.3600
The bounce from support within congestion around 1.3500 and the 1.3540 Fibonacci retracement has reached congestion resistance at 1.3600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | * | congestion | S1 | 1.3540 | * | 38.2% ret of Nov-Jan rally | |
| R3 | 1.3700 | break level | S2 | 1.3500 | ** | congestion | ||
| R2 | 1.3650 | * | break level | S3 | 1.3440/50 | ** | congestion; 50% ret | |
| R1 | 1.3600 | * | congestion | S4 | 1.3400 | ** | congestion |
Asterisk denotes strength of level
08:10 GMT - The bounce from support within congestion around 1.3500 and the 1.3540 Fibonacci retracement has reached congestion resistance at 1.3600, where mixed intraday studies are prompting short-term consolidation, Daily stochastics and the daily Tension Indicator are under pressure, however, suggesting any fresh tests above here could be limited in renewed selling interest towards resistance at the 1.3650 break level. In the coming sessions, focus is expected to turn back to 1.3500/40. But mixed weekly charts should limit any initial break in further consolidation above 1.3440/50.