Published: 2025-03-07T02:07:53.000Z
Chart GBP/USD Update: Settled back from test of 1.2900/25 resistance
Technical Analyst
1
Settled back from test of resistance at the 1.2900/25 congestion and 61.8% Fibonacci level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3047 | * | Nov high | S1 | 1.2800 | * | 4 Mar high, congestion | |
| R3 | 1.3000 | ** | congestion | S2 | 1.2750 | * | congestion | |
| R2 | 1.2925 | * | 61.8% Sep/Jan fall | S3 | 1.2715 | ** | 26 Feb high | |
| R1 | 1.2900 | * | congestion | S4 | 1.2670 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Settled back from test of resistance at the 1.2900/25 congestion and 61.8% Fibonacci level. Consolidation here see prices unwinding overbought intraday and daily studies following strong rally from the 1.2560 low of last week. Meanwhile, support is raised to the 1.2800 level which now underpin. Would take break here to see room for deeper pullback to the 1.2750 congestion then the strong support at the 1.2715/00 area. Clearing the 1.2900/25 resistance will further retrace losses from the September high towards the 1.3000 level and 1.3047, November high.