Chart GBP/USD Update: Under pressure
Minor gains have met renewed selling interest around 1.3475
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3650 | * | congestion | S1 | 1.3400/15 | * | cong; 29 May (w) low | |
| R3 | 1.3632 | ** | 12 Jun YTD high | S2 | 1.3300 | break level | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3250~ | * | range lows | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3140 | ** | 12 May (m) low |
Asterisk denotes strength of level
08:10 BST - Minor gains have met renewed selling interest around 1.3475, as intraday studies continue to track lower, with prices settling lower once again to pressure strong support at congestion around 1.3400 and the 1.3415 weekly low of 29 May. Daily readings are negative and broader weekly charts continue to deteriorate, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend losses towards 1.3300. Beneath here are the 1.3250~ range lows. Already oversold daily stochastics and rising longer-term readings could limit any initial tests of this range in fresh consolidation. Meanwhile, a close back above congestion resistance at 1.3500, if seen, would help to stabilise price action and prompt consolidation beneath 1.3600/32.