Published: 2024-10-24T02:04:06.000Z
Chart GBP/USD Update: Approach strong support at 1.2895/1.2860 area
Technical Analyst
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Prices remain under pressure to extend losses from the September high to approach the 1.2900 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | Jun 2023 year high | S1 | 1.2900/95 | ** | congestion, Mar high | |
| R3 | 1.3100 | * | congestion | S2 | 1.2865/60 | * | 50% Apr/Sep rally, Jun high | |
| R2 | 1.3045 | ** | Jul high | S3 | 1.2800 | * | congestion | |
| R1 | 1.2975/00 | * | 17 Oct low, congestion | S4 | 1.2735 | * | 61.8% Apr/Sep rally |
Asterisk denotes strength of level
02:00 GMT - Prices remain under pressure to extend losses from the September high to approach the 1.2900 level. Just below this see strong support at the 1.2895/60, March and June highs as well as 50% Fibonacci retracement. Deep oversold daily studies suggest reaction here can be expected with bounce to see resistance lowered to the 1.2975/1.3000 area. Above here will open up room to the strong resistance at the 1.3045 high of July. Clearance here will fade the downside pressure and see stronger recovery to retrace losses from the September high.