Published: 2024-12-03T01:51:46.000Z
Chart GBP/USD Update: Under pressure, 1.2615/00 support at risk
Technical Analyst
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Sharp pullback from the 1.2750 high see prices unwinding overbought intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2844/50 | * | Oct low, 38.2% | S1 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R3 | 1.2800 | ** | congestion | S2 | 1.2500 | * | congestion | |
| R2 | 1.2750 | * | 29 Nov high | S3 | 1.2487 | ** | 22 Nov low | |
| R1 | 1.2715 | * | 20 Nov high | S4 | 1.2445 | * | May low |
Asterisk denotes strength of level
01:45 GMT - Sharp pullback from the 1.2750 high see prices unwinding overbought intraday and daily studies. Break of the 1.2665 support open up deeper pullback to retest strong support at the 1.2615/00 congestion which is expected to underpin. Failure here will open up the 1.2487 low of November to retest and see scope to extend losses from the September high. Meanwhile, resistance at the 1.2715/1.2750 highs now seen capping. Break here will see room for stronger recovery to retrace losses from the September high to the 1.2800 congestion and the 1.2844/50 resistance and 38.2% Fibonacci retracement.