Published: 2024-12-20T02:16:33.000Z
Chart GBP/USD Update: Weighing on 1.2487 Novermber low, break in focus
Technical Analyst
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Prices remain under pressure to extend the breakdown from the 1.2600 level to retest the 1.2487, November low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2750 | * | 29 Nov high, congestion | S1 | 1.2487 | ** | 22 Nov low | |
| R3 | 1.2730 | * | 17 Dec high | S2 | 1.2445 | * | 9 May low | |
| R2 | 1.2700 | * | congestion | S3 | 1.2400 | * | congestion | |
| R1 | 1.2600/08 | * | congestion, 13 Dec low | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
02:15 GMT - Prices remain under pressure to extend the breakdown from the 1.2600 level to retest the 1.2487, November low. Consolidation here expected to give way to selling pressure to extend losses from the September high. Lower will see room to the 1.2445 support and the 1.2400 congestion. Lower still, but out of reach for now, will see scope to retest the 22 April YTD low at the 1.2300 level. Meanwhile, resistance is lowered to the 1.2600/08 congestion and low of last week. Above here will open up room for stronger bounce to the 1.2700 congestion which is expected to cap.