Cautious trade has given way to a fresh run higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1620~ | * | 15 Jun (w) high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1600 | * | congestion | S2 | 1.1482 | ** | 15 Jul (w) high | |
| R2 | 1.1585 | ** | 50% ret of Apr-Jun fall | S3 | 1.1450 | * | congestion | |
| R1 | 1.1560~ | * | 3 Aug (w) high | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:30 BST – Cautious trade has given way to a fresh run higher, with prices testing resistance within the 1.1560~ – 1.1585 range, before settling into consolidation. Overbought daily stochastics are drifting lower, highlighting room for further range trade, before the positive daily Tension Indicator and improving weekly charts prompt further gains. A break above the 1.1585 Fibonacci retracement will improve sentiment and extend late-June gains beyond congestion resistance at 1.1600 towards the 1.1650 retracement. Meanwhile, resistance is down to congestion around 1.1500 and should underpin any immediate setbacks.
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