Published: 2025-01-22T01:42:42.000Z
Chart GBP/USD Update: Pressuring 1.2352 resistance, break in focus
Technical Analyst
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Consolidating test of the 1.2352 resistance as prices unwind the overbought intraday studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | ** | congestion | S1 | 1.2250 | * | congestion | |
| R3 | 1.2450 | * | congestion | S2 | 1.2200 | * | congestion | |
| R2 | 1.2400 | * | congestion | S3 | 1.2160 | * | 17 Jan low | |
| R1 | 1.2352 | * | 2 Jan low | S4 | 1.2100 | ** | 13 Jan YTD low |
Asterisk denotes strength of level
01:40 GMT - Consolidating test of the 1.2352 resistance as prices unwind the overbought intraday studies. However, pressure remains on the upside and see potential for break to open up stronger recovery to retrace losses from the September high. Clearance will see room to resistance at the 1.2400/1.245 congestion area then the 1.2500 level. Meanwhile support is raised to the 1.2250/1.2200 area and this should underpin and sustain bounce from the 1.2100 low. Failure here will open up room for retest of the 1.2160 support then the 1.2100 low.