Published: 2024-12-18T02:21:57.000Z
Chart GBP/USD Update: Extending gains from the 1.2615/00 support
Technical Analyst
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Extending bounce from the 1.2615/00 support and break above the 1.2700 level see room for stronger gains to the 1.2750 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | * | congestion | S1 | 1.2666 | * | 17 Dec low | |
| R3 | 1.2844/50 | * | Oct low, 38.2% | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2800/12 | ** | congestion, 6 Dec high | S3 | 1.2500 | * | figure | |
| R1 | 1.2750 | * | 29 Nov high | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
02:15 GMT - Extending bounce from the 1.2615/00 support and break above the 1.2700 level see room for stronger gains to the 1.2750 resistance. Daily studies have turned up from oversold areas and suggest scope for break here to see room to retest the 1.2800/12 resistance. However, the latter expected to cap and lower high sought to pressure the downside later. Meanwhile, support is raised to 1.2666 and break here needed to expose strong support at 1.2615/00 to retest. Failure here will return focus to the 1.2500 level then the 1.2487, November low.