GBP/USD is drifting lower after choppy trade beneath the 1.3385 weekly high set on 2 July. Continuum Economics sees congestion support at 1.3300 as the near-term focus, but rising daily studies suggest the downside stays limited for now.
Sterling is easing against the dollar, with GBP/USD trading around 1.3340 as intraday studies stay under pressure. Choppy trade beneath the 1.3385 weekly high of 2 July is giving way to a drift lower, according to Continuum Economics senior technical strategist Mike Macdonald.
The near-term focus sits on congestion support at 1.3300. Still, rising daily studies and mixed-to-positive weekly charts should limit any initial tests as the pair settles into fresh consolidation.
Below 1.3300, the chart marks an intraday break level at 1.3250 and further congestion support at 1.3200. The deeper marker is the 24 June year-to-date low at 1.3140, which defines the floor of the current range.
On the upside, a close above 1.3385 would help improve sentiment and extend late-June gains. From there, the analysis points to congestion around 1.3400 and then 1.3450, with the 5 June monthly high at 1.3483 marking the next resistance above. Until the pair reclaims 1.3385, the bias leans lower.
Source: Continuum Economics (snippet-based)
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