Published: 2025-05-23T01:21:17.000Z
Chart GBP/USD Update: Room to extend gains
Technical Analyst
2
Locked within a narrow range below fresh year high at 1.3468 as prices consolidate gains from the 1.3140 low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3570/00 | ** | congestion | S1 | 1.3360 | * | 14 May high | |
| R3 | 1.3500 | * | congestion | S2 | 1.3300 | * | congestion | |
| R2 | 1.3468 | ** | 21 May YTD high | S3 | 1.3250 | * | congestion | |
| R1 | 1.3435 | ** | Sep 2024 year high | S4 | 1.3200 | congestion |
Asterisk denotes strength of level
01:15 GMT - Locked within a narrow range below fresh year high at 1.3468 as prices consolidate gains from the 1.3140 low of last week. Consolidation see prices unwinding overbought intraday and daily studies but pressure remains on the upside and suggest scope for further gains ahead. Above 1.3435/68 highs will extend the broader gains from 2022 year low and see room to the 1.3500 level. Meanwhile, support is raised to the previous high at 1.3360 which extend to the 1.3300 congestion. This area is expected to underpin and sustain bounce from the 1.3140, 12 May low.