FX November 08, 2019 / 01:25 pm UTC

Chart GBP/USD Update: Consolidating the Week's Bear Move at 1.2800

By Rob Zukowski
Chart
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Level

Comment

--
Level

Comment
R1
1.2877

November 7 high

S1
1.2800
*
Congestion base
R2
1.2916

November 5 high

S2
1.2792

November 7 low
R3
1.3046
**
76.4% from March

S3
1.2750

Break level
R4
1.3143
**
50% from 2018

S4
1.2703
**
200-day moving average

Asterisk denotes strength of level

13:25 GMT - GBP/USD is now taking some time to consolidate the week's downside at the 1.2800 level. We are not seeing any solid signs that a new bottom has formed, so for now, we are sticking with a short-term bearish view. If the pair ends the week below 1.2800, we will turn our attention to the 200-day moving average at 1.2703 during the week ahead. Resistance is at 1.2877 to 1.2916.

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