Published: 2024-11-06T01:56:20.000Z
Chart GBP/USD Update: Gains stalled at the 1.3045 resistance
Technical Analyst
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Gains stalled on retest of strong resistance at 1.3045, July high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | Jun 2023 year high | S1 | 1.2948 | * | 5 Nov low | |
| R3 | 1.3100/08 | * | congestion | S2 | 1.2907 | * | 23 Oct low | |
| R2 | 1.3045 | ** | Jul high | S3 | 1.2895 | * | Mar high | |
| R1 | 1.3000 | * | Sep low | S4 | 1.2844 | ** | 31 Oct low |
Asterisk denotes strength of level
01:50 GMT - Break above the 1.3000 resistance has seen extension to retest strong resistance at 1.3045, July high. Rejection here see prices settling back to consolidate gains from the 1.2844 low and pullback below the 1.3000 figure expose support at the 1.2948 and 1.2907 lows to retest. However, the daily studies remain positive and suggest scope for retest of the 1.3000/1.3045 resistance zone. Meanwhile, support is raised to the 1.2948 Tuesday's low then the /1.2907/1.2895 area which is expected to underpin. Failure here will expose the 1.2844 low to retest and see deeper pullback to retrace the April/September rally.