Published: 2024-11-11T01:51:48.000Z
Chart GBP/USD Update: Extending consolidation above 1.2865/60 support
Technical Analyst
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Extending consolidation around the 1.2900 level following bounce from the 1.2865/60 support
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | Jul 2023 year high | S1 | 1.2865/60 | * | 50%, May high | |
| R3 | 1.3100/08 | * | congestion | S2 | 1.2834 | ** | 6 Nov low | |
| R2 | 1.3045 | ** | Jul high | S3 | 1.2800 | * | congestion | |
| R1 | 1.3000 | * | Sep low | S4 | 1.2735 | * | 61.8% Apr/Sep rally |
Asterisk denotes strength of level
01:45 GMT - Extending consolidation around the 1.2900 level following bounce from the 1.2865/60 support. Prices are unwinding the oversold intraday studies and suggest further choppy trade here. However, this is expected to give way to selling pressure later and break here will extend losses from the September high. Lower will see will see scope to the 1.2800 congestion then the 1.2735, 61.8% Fibonacci retracement. Meanwhile, resistance remains at the 1.3000 level. Would take break here and the 1.3045 resistance to fade the downside pressure and open up stronger gains to the 1.3100 level and 1.3142 resistance.