Published: 2025-03-24T02:14:44.000Z
Chart GBP/USD Update: Consolidating, but scope for deeper pullback
Technical Analyst
1
Edged off the 1.2885 low as prices consolidate losses from the 1.3014 high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | ** | 2023 year high | S1 | 1.2860 | ** | 10 Mar low | |
| R3 | 1.3100 | * | congestion | S2 | 1.2800 | * | 4 Mar high, congestion | |
| R2 | 1.3050 | * | congestion, Nov high | S3 | 1.2715 | ** | Feb high | |
| R1 | 1.3000/14 | ** | congestion, 20 Mar YTD high | S4 | 1.2665 | * | 50% Jan/Mar rally |
Asterisk denotes strength of level
01:55 GMT - Edged off the 1.2885 low as prices consolidate losses from the 1.3014 high. However, the daily and weekly studies are overbought and caution deeper corrective pullback to the 10 March low at 1.2860. Would take break of this support to open up room for deeper correction to 1.2800 congestion. Lower still, if see, will see scope to 1.2715, February high. However, correction is expected to give way to fresh buying interest later and break above 1.3000 and 1.3014 high will open up room for extension to 1.3050/1.3100 area.