Published: 2025-01-21T02:10:19.000Z
Chart GBP/USD Update: Consolidating below 1.2352 resistance, room for higher
Technical Analyst
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Break above the 1.2300 level has seen extension to approach the 1.2352 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | ** | congestion | S1 | 1.2250 | * | congestion | |
| R3 | 1.2450 | * | congestion | S2 | 1.2200 | * | congestion | |
| R2 | 1.2400 | * | congestion | S3 | 1.2160 | * | 17 Jan low | |
| R1 | 1.2352 | * | 2 Jan low | S4 | 1.2100 | ** | 13 Jan YTD low |
Asterisk denotes strength of level
02:00 GMT - Break above the 1.2300 level has seen extension to approach the 1.2352 resistance. Intraday studies are stretched but consolidation here expected to give way to break later to open up stronger recovery to retrace losses from the September high. Clearance will see room to resistance at the 1.2400/1.2420 area. Meanwhile support is raised to the 1.2250/1.2200 area and this now underpin and sustain bounce from the 1.2100 low. Failure here will open up room for retest of the 1.2160 support then the 1.2100 low.