Chart GBP/USD Update: Consolidating tests higher - studies continue to rise
The test above the 1.3657 monthly high of 1 May has been pushed back from 1.3675
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | ** | congestion | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3733 | 4 Feb (w) high | S2 | 1.3558 | ** | 15 Jul (m) high | ||
| R2 | 1.3700 | ** | congestion, 76.4% ret | S3 | 1.3500 | * | congestion | |
| R1 | 1.3657 | ** | 1 May (m) high | S4 | 1.3450 | congestion |
Asterisk denotes strength of level
08:10 BST - The test above the 1.3657 monthly high of 1 May has been pushed back from 1.3675, with mixed intraday studies and flat overbought daily stochastics prompting fresh consolidation beneath 1.3657. The daily Tension Indicator continue to rise, however, and broader weekly charts are positive, pointing to room for further gains in the coming sessions. A close above 1.3657 will improve sentiment and extend late-June gains towards strong resistance at 1.3700. However, already overbought daily stochastics could limit any initial tests in profit-taking/consolidation.
Meanwhile, support remains at congestion around 1.3600. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above the 1.3558 monthly high of 15 July.