Chart GBP/USD Update: Extending pullback from 1.3568 high
Settled back in consolidation from the 1.3568 high as prices unwind overbought intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3726 | ** | Sep high | S1 | 1.3450 | * | congestion | |
| R3 | 1.3600 | * | congestion | S2 | 1.3400 | ** | 31 Dec low | |
| R2 | 1.3568 | * | 6 Jan YTD high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500 | * | congestion | S4 | 1.3215/00 | ** | 13 Nov high, congestion |
Asterisk denotes strength of level
01:25 GMT - Settled back in consolidation from the 1.3568 high as prices unwind overbought intraday and daily studies. Break of support at the 1.3450/1.3400 area will open up room for deeper pullback to retrace rally from the 1.3010, November low. Lower will open up room to strong support at the 1.3300 level. Corrective pullback is expected to give way to renewed buying interest later with resistsnce now lowered to the 1.3500 level. Above here will expose the 1.3568 high to retest and see room for extension to the 1.3600 level. Beyond this will return focus to the September high at 1.3726 then 1.3788, July 2025 year high.