Published: 2024-11-29T01:29:04.000Z
Chart GBP/USD Update: Pressuring 1.2700/15 resistance, break in focus
Technical Analyst
4
Consolidation below the 1.2700 level giving way to renewed buying pressure to retest the 1.2700/15 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2844/50 | * | Oct low, 38.2% | S1 | 1.2645 | 28 Nov low | ||
| R3 | 1.2800 | ** | congestion | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2770 | 13 Nov high | S3 | 1.2500 | * | congestion | ||
| R1 | 1.2700/15 | * | congestion, 20 Nov high | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
01:30 GMT - Consolidation below the 1.2700 level giving way to renewed buying pressure to retest the 1.2700/15 resistance. Positive daily and weekly studies suggest scope for break to extend gains from the 1.2487 low of last week. Higher will see room to the 1.2770 resistance then the strong resistance at the 1.2800 congestion and the 1.2844/50 area. Meanwhile, support is raised to the 1.2645 which extend to the strong support at the 1.2615/00 area which should underpin and limit corrective pullback. Failure here will return focus to the 1.2500/1.2487 low.