Published: 2025-03-05T08:36:11.000Z
Chart GBP/USD Update: Extending January gains
Senior Technical Strategist
1
Consolidation beneath 1.2800 has given way to further gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3050 | * | break level | S1 | 1.2800 | ** | congestion | |
| R3 | 1.3000 | ** | break level | S2 | 1.2700 | * | congestion | |
| R2 | 1.2920 | ** | 61.8% ret of Sep-Jan fall | S3 | 1.2600 | * | congestion | |
| R1 | 1.2900 | ** | congestion | S4 | 1.2550 | * | break level |
Asterisk denotes strength of level
08:15 GMT - Consolidation beneath 1.2800 has given way to further gains, with prices currently trading around 1.2840. Intraday studies have turned higher and daily readings continue to strengthen, highlighting room for a test of congestion resistance at 1.2900 and the 1.2920 Fibonacci retracement. However, weekly stochastics are flattening in overbought areas, suggesting any immediate tests could give way to consolidation. Extension beyond here, if seen, will open up 1.3000. Meanwhile, support is raised to congestion around 1.2800. A close beneath here would turn sentiment neutral and prompt consolidation above further congestion around 1.2700.