Published: 2025-04-11T07:42:04.000Z
Chart GBP/USD Update: Extending gains
Senior Technical Strategist
1
Cautious trade beneath 1.3000 has given way to a sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3434 | ** | 26 Sep 2024 (y) high | S1 | 1.3000 | ** | range highs | |
| R3 | 1.3300 | range highs | S2 | 1.2900 | ** | congestion | ||
| R2 | 1.3200 | ** | break level | S3 | 1.2860 | * | 6-10 Mar lows | |
| R1 | 1.3120 | ** | 76.4% ret of Sep-Jan fall | S4 | 1.2800 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade beneath 1.3000 has given way to a sharp break higher, as intraday studies remain positive, with prices currently trading around 1.3065. Daily readings continue to strengthen and broader weekly charts are improving, pointing to an improvement in sentiment and room for further strength in the coming sessions. Focus is on the 1.3120 Fibonacci retracement, with a break above here extending January gains towards 1.3200. Meanwhile, support is raised to 1.3200. An unexpected break beneath here would turn sentiment neutral and give way to consolidation above the 1.2860 - 1.2900 range.