Published: 2025-03-18T02:00:33.000Z
Chart GBP/USD Update: Consolidating below 1.3000
Technical Analyst
1
Saw break of the 1.2988 high of last week but gains fell just shy of the 1.3000 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | ** | 2023 year high | S1 | 1.2900 | * | congestion | |
| R3 | 1.3120 | * | 76.4% Sep/Jan fall | S2 | 1.2860 | ** | 10 Mar low | |
| R2 | 1.3045 | * | congestion, Nov high | S3 | 1.2800 | * | 4 Mar high, congestion | |
| R1 | 1.3000 | ** | congestion | S4 | 1.2715 | ** | Feb high |
Asterisk denotes strength of level
01:50 GMT - Saw break of the 1.2988 high of last week but gains fell just shy of the 1.3000 level. Daily and weekly studies remains overbought and suggest consolidation likely to extend. Break, if seen, will further retrace the September/January losses and see room to 1.3045 congestion then the 1.3120/42, 76.4% Fibonacci level and 2023 year high. Meanwhile, support is raised to the 1.2900 congestion and this expected to the 1.2860, 10 March low. This area should underpin while break will open up room for deeper pullbak to correct strong run-up from the 1.2560, 28 February low.