Chart GBP/USD Update: Limited pullback from the 1.2800 level
Extending consolidation below the 1.2800 level though limited pullback below the 1.2750 congestion sustaining the bullish run-up from the November low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2960 | * | 50% Sep/Nov fall | S1 | 1.2700 | * | congestion | |
| R3 | 1.2900/10 | * | congestion | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2844/50 | * | Oct low, 38.2% | S3 | 1.2500 | * | figure | |
| R1 | 1.2800 | * | congestion | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
02:05 GMT - Extending consolidation below the 1.2800 level though limited pullback below the 1.2750 congestion sustaining the bullish run-up from the November low. Break above the 1.2800 level will turn focus higher to further retrace losses from the September high to the 1.2844/50, resistance and 38.2% Fibonacci retracement. Higher still will open up room to the 1.2900 level and 1.2960, 50% Fibonacci level. Meanwhile, support at the 1.2700 level now underpin and only failure here will open up deeper pullbaco to the strong support at the 1.2615/00 area to retest.