Chart GBP/USD Update: Room for higher
Cautious trade has given way to a move higher to pressure resistance at the 1.2988 monthly high of 12 March and 1.3000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S1 | 1.2900 | ** | congestion | |
| R3 | 1.3050 | * | break level | S2 | 1.2860 | * | recent lows | |
| R2 | 1.3000 | ** | break level | S3 | 1.2800 | ** | congestion | |
| R1 | 1.2988 | * | 12 Mar (m) high | S4 | 1.2700 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Cautious trade has given way to a move higher to pressure resistance at the 1.2988 monthly high of 12 March and 1.3000. Intraday studies are mixed, suggesting fresh consolidation within here, before improving daily readings readings and rising weekly charts prompt a break. A close above here will improve sentiment and extend January gains towards 1.3050. Continuation towards the 1.3120 Fibonacci retracement cannot be ruled out, but already overbought daily and weekly stochastics should prompt profit-taking towards here. Meanwhile, support remains at congestion around 1.2900, and should continue to underpin any immediate tests lower.