Published: 2025-01-23T01:56:02.000Z
Chart GBP/USD Update: Limited break above 1.2352 resistance
Technical Analyst
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No follow-through on break above the 1.2352 resistance as prices settled back in consolidation to unwind overbought intraday studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | ** | congestion | S1 | 1.2300 | * | 2024 year low | |
| R3 | 1.2450 | * | congestion | S2 | 1.2250 | * | congestion | |
| R2 | 1.2400 | * | congestion | S3 | 1.2200 | * | congestion | |
| R1 | 1.2352 | * | 2 Jan low | S4 | 1.2160 | * | 17 Jan low |
Asterisk denotes strength of level
01:50 GMT - No follow-through on break above the 1.2352 resistance as prices settled back in consolidation to unwind the overbought intraday studies. However, consolidation expected to give way to further gains later to open up stronger recovery to retrace losses from the September high. Clearance will see room to resistance at the 1.2400/1.2450 congestion area then the 1.2500 level. Meanwhile support is raised to the 1.2300/1.2250 area and this should underpin and sustain gains from the 1.2100 low.