Chart GBP/USD Update: Consolidating - daily studies remain positive
Little change as falling intraday studies keep near-term sentiment cautious
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2450 | congestion | ||
R3 | 1.2600 | * | congestion, 50% ret | S2 | 1.2400 | * | congestion | |
R2 | 1.2530 | * | 38.2% ret of Mar-Apr fall | S3 | 1.2300 | * | congestion, 22 Apr YTD low | |
R1 | 1.2500/18 | ** | congestion; 5 Feb (m) low | S4 | 1.2240 | ** | 76.4% ret of Oct-Mar rally |
Asterisk denotes strength of level
08:05 BST - Little change as falling intraday studies keep near-term sentiment cautious and prompt consolidation following the test of resistance within 1.2500/18 and the 1.2830 Fibonacci retracement. Daily readings continue to strengthen, suggesting room for further strength in the coming sessions. However, a close above 1.2530 is needed to turn sentiment positive and extend gains towards strong resistance at 1.2600, where mixed weekly charts could prompt fresh consolidation. Meanwhile, support is at congestion around 1.2450. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation around further congestion at 1.2400.