Published: 2025-07-09T07:31:41.000Z
Chart GBP/USD Update: Room for lower
Senior Technical Strategist
1
Cautious trade has given way to the anticipated break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3788 | ** | 1 Jul YTD high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3700 | break level | S2 | 1.3400 | * | congestion | ||
| R2 | 1.3650 | congestion | S3 | 1.3370 | * | 23 Jun (m) low | ||
| R1 | 1.3600 | * | congestion | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade has given way to the anticipated break lower, with July losses breaking below 1.3600 to reach 1.3525. Unwinding oversold intraday studies have prompted a bounce from here, back to 1.3600. A test above here cannot be ruled out. But negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath intraday congestion around 1.3650. In the coming sessions, further losses are looked for. Focus is expected to turn back to congestion support at 1.3500, with room for a break and continuation down to 1.3400.