Chart GBP/USD Update: Consolidating recent gains
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3900 | ** | congestion | S1 | 1.3600 | * | congestion | |
| R3 | 1.3835 | * | October 2021 high | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3800 | * | break level | S3 | 1.3400 | * | congestion | |
| R1 | 1.3770 | 26 Jun YTD high | S4 | 1.3370 | 23 Jun low |
Asterisk denotes strength of level
08:10 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath strong resistance at the 1.3770 current year high of 26 June. Overbought daily stochastics are flattening, suggesting increased profit-taking pressure and a delay to the anticipated break above here to fresh highs. A retest below 1.3700 is highlighted. But the rising daily Tension Indicator and mixed/positive weekly charts are expected to limit scope in renewed buying interest above congestion support at 1.3600. Following cautious trade, fresh gains are looked for. A later close above 1.3770 will extend broad September 2022 gains towards the 1.3835 high of October 2021, where the flattening weekly Tension Indicator could prompt renewed selling interest.