Published: 2025-03-21T02:00:52.000Z
Chart GBP/USD Update: Leaning lower in consolidation
Technical Analyst
1
Limited on probes above the 1.3000 level with fading momentum suggesting scope for pullback to correct rally from the 1.2560, 28 February low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | ** | 2023 year high | S1 | 1.2910 | * | 14 Mar low | |
| R3 | 1.3100 | * | congestion | S2 | 1.2860 | ** | 10 Mar low | |
| R2 | 1.3050 | * | congestion, Nov high | S3 | 1.2800 | * | 4 Mar high, congestion | |
| R1 | 1.3000/14 | ** | congestion, 20 Mar YTD high | S4 | 1.2715 | ** | Feb high |
Asterisk denotes strength of level
01:55 GMT - Limited on probes above the 1.3000 level with fading momentum suggesting scope for pullback to correct rally from the 1.2560, 28 February low. Daily and weekly studies are overbought and caution corrective pullback though the downside remains limited with support starting at 1.2910. Would take break here and the 10 March low at 1.2860 to open up room for deeper correction. Lower will see room to 1.2800 congestion and 1.2715, February high. Break above 1.3000, but not expected, will open up room for extension to 1.3050/1.3100 area.