Published: 2025-01-02T08:29:49.000Z
Chart GBP/USD Update: Leaning lower
Senior Technical Strategist
2
Anticipated minor tests higher have not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | ** | break level | S1 | 1.2500 | * | congestion | |
| R3 | 1.2700 | break level | S2 | 1.2475 | * | 20 Dec (m) low | ||
| R2 | 1.2650 | minor congestion | S3 | 1.2450 | * | congestion | ||
| R1 | 1.2600 | * | congestion | S4 | 1.2400 | minor congestion |
Asterisk denotes strength of level
08:10 GMT - Anticipated minor tests higher have not been seen, as cautious trade gives way to a drift lower to pressure congestion support at 1.2500. Intraday studies are falling and daily readings have also turn down, highlighting room for a break towards the 1.2475 monthly low of 20 December. Beneath here is further congestion around 1.2450. Deteriorating weekly charts point to potential for continuation beneath here and extension of September losses towards critical support at the 1.2300 year low of 22 April 2024. Meanwhile, resistance remains at congestion around 1.2600 and is expected to cap any immediate tests higher.