Published: 2024-12-17T08:31:42.000Z
Chart GBP/USD Update: Limited scope above 1.2700
Senior Technical Strategist
4
The anticipated bounce has reached resistance at 1.2700
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | * | congestion | S1 | 1.2650 | minor congestion | ||
| R3 | 1.2850 | * | 38.2% ret of Sep-Nov fall | S2 | 1.2600 | * | congestion | |
| R2 | 1.2800 | ** | break level | S3 | 1.2500 | ** | congestion | |
| R1 | 1.2700 | break level | S4 | 1.2450 | * | congestion |
Asterisk denotes strength of level
08:05 GMT - The anticipated bounce has reached resistance at 1.2700, where flat overbought intraday studies are prompting consolidation. Negative daily readings are flattening, suggesting potential for a test above here and continuation towards 1.2800. But mixed/negative weekly charts are expected to limit any tests in consolidation within the short-term congestion pattern. Meanwhile, support is raised to 1.2650 and extends to 1.2600. A later close beneath here will add weight to sentiment and open up further congestion around 1.2500. However, by-then oversold daily stochastics could limit any initial tests in short-covering/consolidation.