Cautious trade has given way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3600 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul (m) high | S3 | 1.3275~ | * | 28 Jul low | |
| R1 | 1.3500 | * | congestion | S4 | 1.3250 | intraday break level |
Asterisk denotes strength of level
08:10 BST – Cautious trade has given way to a drift higher, with prices currently balanced around 1.3460. Daily readings have turned positive once again, suggesting room for a test of congestion resistance at 1.3560. But mixed weekly charts should limit any break in renewed selling interest beneath the 1.3558 monthly high of 15 July. A close above here, if seen, will extend late-June gains towards 1.3600, where mixed longer-term readings should prompt profit-taking. Meanwhile, support remains at congestion around 1.3400. A close beneath here would add weight to sentiment and put focus on further congestion around 1.3300.
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