Chart GBP/USD Update: Leaning lower
The anticipated minor test above congestion resistance at 1.3600 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3700 | break level | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3650 | congestion | S2 | 1.3370 | * | 23 Jun (m) low | ||
| R2 | 1.3600 | * | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | ** | congestion | S4 | 1.3250 | * | congestion lows |
Asterisk denotes strength of level
08:10 BST - The anticipated minor test above congestion resistance at 1.3600 has not been seen, as negative intraday studies keep near-term sentiment under pressure and prompt a pullback. Overbought daily stochastics are turning down and the positive daily Tension Indicator is showing signs of flattening, suggesting room for deeper losses in the coming sessions towards congestion support at 1.3400. A further close below the 1.3370 monthly low of 23 June would turn sentiment outright negative and confirm a near-term top in place at the 1.3788 current year high of 1 July. Meanwhile, a close back above congestion resistance at 1.3500 would help to stabilise price action and prompt fresh consolidation beneath 1.3600.