Published: 2023-12-11T02:33:54.000Z
Chart GBP/USD Update: Prices remain under pressure
Technical Analyst
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| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | * | 22 Aug high, congestion | S1 | 1.2500 | * | congestion | |
| R3 | 1.2746 | 30 Aug high | S2 | 1.2450 | 22 Nov low | |||
| R2 | 1.2720 | * | 61.8% Jul/Oct fall | S3 | 1.2428 | * | 6 Nov high | |
| R1 | 1.2600 | congestion | S4 | 1.2374 | 17 Nov low |
Asterisk denotes strength of level
02:20 GMT - Prices remain under pressure as consolidation below the 1.2600 level has seen losses extending to the strong support at the 1.2500 level. Break here, if seen, will see room to further extend losses from the Nov high to the 1.2450/28 area. Corrective pullback seen giving way to renewed strength later with resistance starting at the 1.2600 level. Regaining this will clear the way for retest of the 1.2700/20 high and see scope to further extend the broader gains from the Oct YTD low to the 1.2800 level.