Published: 2025-05-20T01:51:11.000Z
Chart GBP/USD Update: Consolidating test of 1.3400, room for higher
Technical Analyst
1
Break above the 1.3360 resistance has seen gains to reach the 1.3400 level before settling back in consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3570/00 | ** | congestion | S1 | 1.3300 | * | congestion | |
| R3 | 1.3500 | * | congestion | S2 | 1.3250 | * | congestion | |
| R2 | 1.3435 | ** | Sep 2024 year high | S3 | 1.3200 | * | congestion | |
| R1 | 1.3400 | * | congestion | S4 | 1.3140 | ** | 12 May low |
Asterisk denotes strength of level
01:45 GMT - Break above the 1.3360 resistance has seen gains to reach the 1.3400 level before settling back in consolidation as prices unwind the overbought intraday studies. Positive daily studies suggest scope for break here to open up room for extension to retest the 1.3435/44, 2024 year high and 28 April YTD high. Clearance here will extend the broader gains from 2022 year low. Meanwhile, support is raised to the 1.3300 level and extending to the 1.3250 congestion. This area is expected to underpin and sustain bounce from the 1.3140 corrective low.