Chart GBP/USD Update: Under pressure
Cautious trade around 1.3400 has given way to anticipated selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | break level | S1 | 1.3324 | ** | 25 Sep (m) low | |
| R3 | 1.3527 | * | 1 Oct (w) high | S2 | 1.3300 | * | congestion | |
| R2 | 1.3500 | * | congestion | S3 | 1.3200 | * | congestion | |
| R1 | 1.3400 | * | congestion | S4 | 1.3140 | ** | May-Aug lows |
Asterisk denotes strength of level
08:10 BST - Cautious trade around 1.3400 has given way to anticipated selling interest, as intraday studies turn down, with prices currently trading around 1.3360. Daily readings are under pressure and broader weekly charts are negative, highlighting room for further losses in the coming sessions. Focus is on the 1.3324 monthly low of 25 September. A close beneath here will add weight to sentiment and extend mid-September losses below congestion around 1.3300 towards further congestion around 1.3200. Meanwhile, resistance is lowered to congestion around 1.3400. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath congestion around 1.3500 and the 1.3527 weekly high of 1 October.