Published: 2025-02-21T02:10:32.000Z
Chart GBP/USD Update: Extending gains
Technical Analyst
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Consolidation around the 1.2600 level has given way to break above the 1.2640 high to extend the broader gains from January low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800/11 | * | congestion, Dec high | S1 | 1.2600 | * | congestion | |
| R3 | 1.2765 | * | 50% Sep/Jan fall | S2 | 1.2550 | * | 5 Feb high | |
| R2 | 1.2728 | * | 17 Dec high | S3 | 1.2500 | ** | congestion | |
| R1 | 1.2700 | * | congestion | S4 | 1.2450 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Consolidation around the 1.2600 level has given way to break above the 1.2640 high to extend the broader gains from January low. Nearby see scope to the 1.2700/28 congestion and 17 December high. Break here will see room for extension to the 1.2765, 50% Fibonacci level. Higher still, will see scope to the 1.2800/11, December high. Meanwhile, support is raised to the 1.2600 congestion which should underpin and limit corrective pullback. Below this will open up room for deeper pullback to the strong support at the 1.2550/1.2500 area.