Published: 2024-11-27T02:02:18.000Z
Chart GBP/USD Update: Extend consolidation above the 1.2487 low
Technical Analyst
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Edged up from the 1.2487 low as prices consolidate the sharp November losses from the 1.3048 high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | * | congestion | S1 | 1.2487 | ** | 22 Nov low | |
| R3 | 1.2715 | * | 20 Nov high, congestion | S2 | 1.2445 | * | May low | |
| R2 | 1.2665 | * | Aug low | S3 | 1.2400 | * | figure, congestion | |
| R1 | 1.2600 | * | 15 Nov low, congestion | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
02:00 GMT - Edged up from the 1.2487 low as prices consolidate the sharp November losses from the 1.3048 high. Prices are unwinding oversold intraday and daily studies but bounce attempt remains limited above the 1.2600 level. Regaining this needed to open up stronger recovery to the 1.2665 and 1.2715 resistance. However, bearish structure suggest risk for a later break of the 1.2487 low to open up further extension of losses from the September high. Lower will see room to retest the 1.2445 May low then the 1.2400 level. Below these will return focus to the 1.2300, April YTD low.