Chart GBP/USD Update: Room for lower
Little change, as prices extend cautious trade around congestion support at 1.2200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | ** | break level | S1 | 1.2200 | * | congestion | |
| R3 | 1.2400 | minor congestion | S2 | 1.2100 | ** | 13 Jan YTD low | ||
| R2 | 1.2352 | * | 2 Jan (w) low | S3 | 1.2037 | ** | October 2023 (m) low | |
| R1 | 1.2300 | ** | 22 April 2024 (y) low | S4 | 1.2000 | ** | figure |
Asterisk denotes strength of level
13:10 GMT - Little change, as prices extend cautious trade around congestion support at 1.2200. Intraday studies are under pressure and mixed daily readings are also turning down, highlighting room for a break beneath here towards strong support at the 1.2100 current year low of 13 January. Further losses will add weight to sentiment and open up critical support at the 1.2037 monthly low of October 2023 and congestion around 1.2000. However, negative weekly charts point to potential for still deeper losses, with a close beneath here confirming continuation of September 2024 losses. Meanwhile, resistance remains at 1.2300 and should cap any immediate tests higher.