Published: 2025-01-08T08:29:22.000Z
Chart GBP/USD Update: Under pressure
Senior Technical Strategist
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Anticipated gains have reached the 1.2585 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2635 | ** | 61.8% ret of Dec-Jan fall | S1 | 1.2450 | * | congestion | |
| R3 | 1.2600 | * | congestion | S2 | 1.2400 | minor congestion | ||
| R2 | 1.2585 | ** | 50% ret of Dec-Jan fall | S3 | 1.2352 | * | 2 Jan (w) low | |
| R1 | 1.2500 | * | congestion | S4 | 1.2300 | ** | 22 Apr (y) low |
Asterisk denotes strength of level
08:10 GMT - Anticipated gains have reached the 1.2585 Fibonacci retracement, where unwinding overbought intraday studies are prompting selling pressure and a break back below 1.2500. Immediate focus is on congestion support at 1.2450. A break will open up minor congestion around 1.2400, but rising daily readings are expected to limit any immediate break in fresh consolidation above the 1.2352 weekly low of 2 January. Meanwhile, a test back above congestion resistance at 1.2500 should meet renewed selling interest beneath strong resistance at 1.2585 - 1.2600.