Published: 2024-11-05T01:34:10.000Z
Chart GBP/USD Update: Consolidating test of 1.3000 resistance
Technical Analyst
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Settled back in consolidation following retest of the 1.3000 resistance and the Thursday's range high
| 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
01:30 GMT - Settled back in consolidation following retest of the 1.3000 resistance and the Thursday's range high. 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. The daily studies continues to track higher from oversold areas and suggest scope for break here to open 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.