Published: 2024-11-04T02:18:30.000Z
Chart GBP/USD Update: Poised for retest of 1.3000 resistance
Technical Analyst
2
Higher at the open see prices poised for retest of the 1.3000 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | Jun 2023 year high | S1 | 1.2907 | * | 23 Oct low | |
| R3 | 1.3100/08 | * | congestion | S2 | 1.2895 | * | Mar high | |
| R2 | 1.3045 | ** | Jul high | S3 | 1.2844 | ** | 31 Oct low | |
| R1 | 1.3000 | * | Sep low | S4 | 1.2800 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Higher at the open see prices poised for retest of the 1.3000 resistance. Break here will extend bounce from the 1.3844 low to retrace losses from the September high and see room to retest the strong resistance at 1.3045, July high. Both intraday and daily studies are tracking higher and suggest scope for break here later to ope up room to the 1.3100 level. Meanwhile, support is raised to the 1.2907/1.2895 area and this should underpin. Failure here will expose the 1.2844 low to retest and see deeper pullback to retrace the April/September rally.