Published: 2025-01-03T08:34:20.000Z
Chart GBP/USD Update: Studies continue to point lower
Senior Technical Strategist
1
Sharp losses have reached 1.2350~, where unwinding oversold intraday studies are prompting a bounce towards 1.2400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2650 | minor congestion | S1 | 1.2352 | 2 Jan low | |||
| R3 | 1.2600 | * | congestion | S2 | 1.2300 | ** | 22 Apr (y) low | |
| R2 | 1.2500 | * | congestion | S3 | 1.2200 | * | congestion | |
| R1 | 1.2450 | * | congestion | S4 | 1.2100 | * | November 2023 (m) low |
Asterisk denotes strength of level
08:10 GMT - Sharp losses have reached 1.2350~, where unwinding oversold intraday studies are prompting a bounce towards 1.2400. A break will open up congestion around 1.2450, but negative daily readings and bearish weekly charts are expected limit any tests in renewed selling interest. Following any minor tests higher, fresh losses are looked for. A later break below 1.2350 will open up the 1.2300 year low of 22 April, but oversold daily stochastics could limit any initial tests of this area in consolidation, before bearish weekly charts extend September losses still further.