Published: 2024-11-12T08:27:34.000Z
Chart GBP/USD Update: Extending September losses
Senior Technical Strategist
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Cautious intraday trade has given way to a fresh break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3043/50 | 30 Oct (w) high; cong | S1 | 1.2800 | * | congestion | ||
| R3 | 1.3000 | ** | congestion | S2 | 1.2735 | ** | 61.8% ret of Apr-Sep rally | |
| R2 | 1.2950 | * | break level | S3 | 1.2700 | * | congestion | |
| R1 | 1.290 | * | congestion | S4 | 1.2665 | * | 8 Aug (m) low |
Asterisk denotes strength of level
08:10 GMT - Cautious intraday trade has given way to a fresh break lower, with prices currently pressuring congestion support at 1.2800. Intraday studies are under pressure and daily readings are also turning down, highlighting a deterioration in sentiment and room for continuation of September losses towards the 1.2735 Fibonacci retracement. However, oversold longer-term stochastics are showing signs of flattening, suggesting any initial tests could give way to consolidation. Meanwhile, resistance is at congestion around 1.2900. An unexpected close above here would turn sentiment neutral and prompt fresh consolidation beneath 1.2950.