Published: 2024-11-28T02:13:16.000Z
Chart GBP/USD Update: Consolidating below 1.2700/15 resistance, scope for break
Technical Analyst
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Clear break above the 1.2600 level has seen sharp break above the 1.2665 resistance to approach the 1.2700 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2844/50 | * | Oct low, 38.2% | S1 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R3 | 1.2800 | ** | congestion | S2 | 1.2500 | * | congestion | |
| R2 | 1.2770 | 13 Nov high | S3 | 1.2487 | ** | 22 Nov low | ||
| R1 | 1.2700/15 | * | congestion, 20 Nov high | S4 | 1.2445 | * | May low |
Asterisk denotes strength of level
02:10 GMT - Clear break above the 1.2600 level has seen sharp break above the 1.2665 resistance to approach the 1.2700 level. Positive daily studies suggest consolidation here to give way to a later break higher 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 1.2615/00 area and this should underpin and limit corrective pullback. Failure here will return focus to the 1.2500/1.2487 low.