Chart GBP/USD Update: Consolidating - room for a test higher
Little change, as prices extend cautious trade beneath resistance at the 1.2569 high of 29 April
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | * | 61.8% ret of Mar-Apr fall | S1 | 1.2500 | * | congestion | |
R3 | 1.2650 | * | congestion | S2 | 1.2450 | congestion | ||
R2 | 1.2600 | * | congestion, 50% ret | S3 | 1.2400 | * | congestion | |
R1 | 1.2569 | 29 Apr high | S4 | 1.2300 | ** | congestion, 22 Apr YTD low |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend cautious trade beneath resistance at the 1.2569 high of 29 April. Rising intraday studies are flattening in overbought areas, suggesting further consolidation beneath here. However, a tick higher in daily readings and unwinding oversold weekly stochastics highlight an improvement in sentiment and room for a later break above here. A close above 1.2569 will improve sentiment and extend late-April gains towards 1.2600. Beyond here is the 1.2665 Fibonacci retracement, but already overbought daily stochastics could prompt selling interest towards here. Meanwhile, support remains at congestion around 1.2500. A close beneath here, if seen, will open up further congestion around 1.2450, where fresh range trade is expected to appear.