Chart GBP/USD Update: Reached 1.3500 - studies under pressure
The anticipated retest of congestion support at 1.3500 is giving way to a minor bounce from 1.3480
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3733 | * | 4 Feb (w) high | S1 | 1.3500 | ** | congestion | |
| R3 | 1.3700 | break level | S2 | 1.3440/50 | ** | 50% ret; congestion | ||
| R2 | 1.3650 | * | break level | S3 | 1.3400 | ** | congestion | |
| R1 | 1.3600 | * | congestion | S4 | 1.3340 | ** | 61.8% ret of Nov-Jan rally |
Asterisk denotes strength of level
08:10 GMT - The anticipated retest of congestion support at 1.3500 is giving way to a minor bounce from 1.3480, as oversold intraday studies unwind, with prices currently trading around 1.3510. Daily stochastics and the daily Tension Indicator continue track lower, and broader weekly charts continue to fall, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend late-January losses towards support within the 1.3440 Fibonacci retracement and congestion around 1.3450. Meanwhile, resistance remains at congestion around 1.3600. A close above here is needed to help stabilise price action once again and prompt consolidation beneath 1.3650.