Published: 2025-03-12T02:21:13.000Z
Chart GBP/USD Update: Still stretching, but bullish momentum slows
Technical Analyst
1
Pressure remains on the upside with gains stretching to fresh high at 1.2965
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | 2023 year high | S1 | 1.2860 | * | 10 Mar low | |
| R3 | 1.3120 | * | 76.4% Sep/Jan fall | S2 | 1.2800 | * | 4 Mar high, congestion | |
| R2 | 1.3045 | * | congestion, Nov high | S3 | 1.2750 | * | congestion | |
| R1 | 1.3000 | ** | congestion | S4 | 1.2715 | ** | Feb high |
Asterisk denotes strength of level
02:15 GMT - Pressure remains on the upside with gains stretching to fresh high at 1.2965. Overbought intraday and daily studies slowing bullish momentum from the 28 February low but showing no signs of faltering. Nearby see room for extension to target the 1.3000 figure where reaction can be expected. Clearance here, if seen, will open up room for extension to 1.3045 and the 1.3120/42 resistance. Meanwhile, support is raised to the 1.2865/60 higher lows which now underpin. Would take break here to open up room for deeper corrective pullback to the 1.2800 congestion and strong support at 1.2715 , February high.