Published: 2024-12-05T01:39:49.000Z
Chart GBP/USD Update: Extending consolidation below 1.2750 high, scope for break later
Technical Analyst
1
Remains in consolidation around the 1.2700 level following pullback from the 1.2750 high of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2844/50 | * | Oct low, 38.2% | S1 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R3 | 1.2800 | * | congestion | S2 | 1.2500 | * | congestion | |
| R2 | 1.2750 | ** | 29 Nov high | S3 | 1.2487 | ** | 22 Nov low | |
| R1 | 1.2700/15 | * | congestion, 20 Nov high | S4 | 1.2445 | * | May low |
Asterisk denotes strength of level
01:35 GMT - Remains in consolidation around the 1.2700 level following pullback from the 1.2750 high of last week. However, support at the 1.2615/00 area now underpin and keep the 1.2500 level and 1.2487 low of November out of reach. Daily studies have turned up from oversold readings and suggest scope for retest of the 1.2750 high and where break will open up room for stronger recovery to retrace losses from the September high. Clearance will see room to the 1.2800 congestion then the 1.2844/50, resistance and 38.2% Fibonacci retracement.