Published: 2024-12-19T02:20:19.000Z
Chart GBP/USD Update: Consolidating break of 1.2600 level
Technical Analyst
1
Consolidation around the 1.2700 level given way to sharp break lower through the 1.2600 level to reach 1.2562 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2750 | * | 29 Nov high, congestion | S1 | 1.2562 | * | 19 Dec low | |
| R3 | 1.2730 | * | 17 Dec high | S2 | 1.2500 | * | congestion | |
| R2 | 1.2700 | * | congestion | S3 | 1.2487 | ** | 22 Nov low | |
| R1 | 1.2608 | * | 13 Dec low | S4 | 1.2445 | * | 9 May low |
Asterisk denotes strength of level
02:15 GMT - Consolidation around the 1.2700 level given way to sharp break lower through the 1.2600 level to reach 1.2562 low. Consolidation here see prices unwinding oversold intraday studies though the negative daily chart highlighhts risk for further losses. Lower will see scope to retest the 1.2500 congestion and 1.2487 low and where break will extend the broader losses from the September high. Meanwhile, resistance is lowered to the 1.2608 recent low. Above here will open up room for stronger bounce to the 1.2700 congestion which is expected to cap.