Chart GBP/USD Update: Balanced beneath year highs - studies under pressure
The fall from the 1.3788 fresh year high of 1 July has met buying interest around congestion support at 1.3600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3835 | * | October 2021 high | S1 | 1.3600 | * | congestion | |
| R3 | 1.3800 | * | break level | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3788 | 1 Jul YTD high | S3 | 1.3400 | * | congestion | ||
| R1 | 1.3700 | break level | S4 | 1.3370 | * | 23 Jun (m) low |
Asterisk denotes strength of level
08:10 BST - The fall from the 1.3788 fresh year high of 1 July has met buying interest around congestion support at 1.3600, as oversold intraday studies unwind, with prices currently trading around 1.3665. Focus is on resistance at 1.3700. But negative daily readings and deteriorating weekly charts are expected to limit any immediate tests in consolidation/selling interest. In the coming sessions, cautious trade is looked for, with support at 1.3600. A fresh break beneath here will open up congestion around 1.3500. However, rising longer-term charts should limit any deeper losses in renewed buying interest above 1.3400. Meanwhile, a close above 1.3700 would provide further stability and prompt consolidation beneath 1.3788.