Chart GBP/USD Update: Leaning lower
The run to congestion resistance at 1.3500 has met sharp selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (w) high | S1 | 1.3450 | break level | ||
| R3 | 1.3600 | * | congestion | S2 | 1.3400 | ** | congestion | |
| R2 | 1.3550 | * | congestion | S3 | 1.3300 | ** | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3275 | ** | 76.4% ret of Mar-May rally |
Asterisk denotes strength of level
08:10 BST - The run to congestion resistance at 1.3500 has met sharp selling interest, as intraday studies turn down, with prices currently trading around 1.3470. Support is at 1.3450. But rising daily stochastics and the improving daily Tension Indicator should limit any initial break in renewed consolidation above congestion support at 1.3400, before deteriorating weekly charts prompt further losses. A break beneath here will add weight to sentiment and extend losses towards further congestion around 1.3300 and the 1.3275 Fibonacci retracement. Meanwhile, any tests above 1.3500 should meet renewed selling interest towards further congestion around 1.3550.