Chart GBP/USD Update: Room to extend bounce from 1.3340 low
Bounce from the 1.3340 low to regain the 1.3400 level see prices retracing losses from the 1.3568, early-January high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3340 | 19 Jan low | ||
| R3 | 1.3568 | ** | 6 Jan YTD high | S2 | 1.3300 | * | congestion | |
| R2 | 1.3500 | * | congestion | S3 | 1.3275/50 | * | congestion | |
| R1 | 1.3450 | * | congestion | S4 | 1.3215/00 | ** | 13 Nov high, congestion |
Asterisk denotes strength of level
01:45 GMT - Bounce from the 1.3340 low to regain the 1.3400 level see prices retracing losses from the 1.3568, early-January high, and unwinding oversold intraday and daily studies. The outside bar suggest room for stronger bounce to resistance at the 1.3450/1.3500 congestion area which is expected to cap. Clearance will revive the upside focus and expose the 1.3568 high to retest. Meanwhile, support is raised to 1.3500 level which should now underpin and sustain gains from the 1.3340 low. Break here, if seen, will see room for deeper pullback to support at the 1.3300 congestion and the 1.3275/50 area.