Published: 2025-05-06T01:50:51.000Z
Chart GBP/USD Update: Extend consolidation above 1.3260/33 support
Technical Analyst
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Remains in consolidation above 1.3260/1.3233 support
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | * | congestion | S1 | 1.3233 | * | 23 Apr low | |
| R3 | 1.3435 | ** | Sep 2024 year high | S2 | 1.3200 | ** | break level | |
| R2 | 1.3400 | * | congestion | S3 | 1.3165 | * | 38.2% Apr rally | |
| R1 | 1.3345 | * | 1 May high | S4 | 1.3100 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Remains in consolidation above 1.3260/1.3233 support as prices unwind the oversold intraday and daily studies. However, pressure in building on the downside and see risk for break here to extend rejection from the 1.3435 resistance. Break will open up room for deeper pullback to retrace strong rally from the 1.2708 low of April. Break here and the 1.3200 level will see room to the 38.2% Fibonacci level and 1.3100 congestion. Meanwhile, resistance is at the 1.3345 and above here will open up room for retest of the 1.3400 level and 1.3435 resistance.