Chart GBP/USD Update: Cautious trade
Still little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade around 1.3350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3527 | ** | 1 Oct (w) high | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | * | congestion | S2 | 1.3250 | * | congestion | |
| R2 | 1.3471 | 17 Oct (w) high | S3 | 1.3200 | * | congestion | ||
| R1 | 1.3400 | * | congestion | S4 | 1.3140~ | ** | May-Aug (m) range lows |
Asterisk denotes strength of level
08:15 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade around 1.3350. Negative daily readings and oversold weekly stochastics are flattening, suggesting potential for further consolidation in the coming sessions. But the bearish weekly Tension Indicator points to room for later tests lower. A break below congestion support at 1.3300 will open up further congestion around 1.3250. But oversold stochastics should limit any deeper losses in consolidation above 1.3200. Meanwhile, resistance remains at congestion around 1.3400. A close above here, if seen, would improve sentiment and open up a test of the 1.3471 weekly high of 17 October.