Published: 2025-05-08T01:53:37.000Z
Chart GBP/USD Update: Choppy trade threatens a top pattern at 1.3400/35 highs
Technical Analyst
1
Little change, as prices extend choppy trade above the 1.3260/1.3233 support
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | congestion | S1 | 1.3260 | * | congestion | |
| R3 | 1.3500 | * | congestion | S2 | 1.3233 | * | 23 Apr low | |
| R2 | 1.3435 | ** | Sep 2024 year high | S3 | 1.3207 | ** | 3 Apr high | |
| R1 | 1.3400 | * | congestion | S4 | 1.3165 | * | 38.2% Apr rally |
Asterisk denotes strength of level
01:45 GMT - Little change, as prices extend choppy trade above the 1.3260/1.3233 support. Negative daily studies suggest ranging action below the 1.3400/1.3435 resistance giving way to fresh selling pressure later and see deeper pullback to retrace strong rally from the 1.2708 low of April. Break of the 1.3260/1.3233 support and the 1.3200 level will see room to the 38.2% Fibonacci level at 1.3165 then the 1.3100 congestion. Would take break of the 1.3400/1.3435 resistance to further extend gains from the September 2022 low and see room to the 1.3500 level.