Chart GBP/USD Update: Consolidating losses from 1.3045 resistance
No follow-through on break of the 1.2865/60 support as prices turned up from the 1.2834 low to consolidate rejection from the 1.3045 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3100/08 | * | congestion | S1 | 1.2865/60 | * | 50%, May high | |
| R3 | 1.3045 | ** | Jul high | S2 | 1.2800 | * | congestion | |
| R2 | 1.3000 | * | Sep low | S3 | 1.2735 | * | 61.8% Apr/Sep rally | |
| R1 | 1.2907 | * | 23 Oct low | S4 | 1.2665 | * | Aug low |
Asterisk denotes strength of level
02:00 GMT - No follow-through on break of the 1.2865/60 support as prices turned up from the 1.2834 low to consolidate rejection from the 1.3045 resistance. However, bearish outside range keeps pressure on the downside and further losses to retrace the April/September rally cannot be ruled out. Lower will see scope to the 1.2800 congestion then the 1.2735, 61.8% Fibonacci retracement. Meanwhile, resistance is lowered to the 1.2900/07 congestion and 23 Oct low. Only regaining this will ease the downside pressure and see scope for stronger bounce to retest 1.3000/45 resistance.