Published: 2025-01-29T08:33:04.000Z
Chart GBP/USD Update: Consolidating - support at 1.2400
Senior Technical Strategist
6
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2640 | ** | 76.4% ret of Dec-Jan fall | S1 | 1.2400 | congestion | ||
| R3 | 1.2600 | * | break level | S2 | 1.2300 | * | break level | |
| R2 | 1.2540 | ** | 61.8% ret of Dec-Jan fall | S3 | 1.2200 | * | congestion | |
| R1 | 1.2500 | * | break level | S4 | 1.2160 | 17 Jan low |
Asterisk denotes strength of level
08:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 1.2450. Overbought daily stochastics continue to lean lower, suggesting room for a drift down to congestion support at 1.2400. But the rising daily Tension Indicator and improving weekly charts are expected to limit any break in consolidation above 1.2300. Following cautious trade, fresh gains are looked for. However, a close above resistance at 1.2500 and the 1.2540 Fibonacci retracement is needed to turn sentiment positive and extend January gains towards 1.2600.