Published: 2024-12-06T01:44:13.000Z
Chart GBP/USD Update: Extending gains from November low
Technical Analyst
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Bounce from the 1.2615/00 support to break the 1.2750 high of last week see prices extending gains from the 1.2487, November low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900/10 | * | congestion | S1 | 1.2700 | * | congestion | |
| R3 | 1.2844/50 | * | Oct low, 38.2% | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2800 | * | congestion | S3 | 1.2500 | * | figure | |
| R1 | 1.2771 | 5 Dec high | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
01:40 GMT - Bounce from the 1.2615/00 support to break the 1.2750 high of last week see prices extending gains from the 1.2487, November low. Daily studies have turned up from oversold readings and highlights scope for gains to extend and retrace losses from the September high. Higher will room to the 1.2800 congestion then the 1.2844/50, resistance and 38.2% Fibonacci retracement. Meanwhile, support is raised to the 1.2700 level and this should now underpin and limit corrective pullback. Only failure here will expose the 1.2615/00 support to retest.