Published: 2025-03-06T08:23:31.000Z
Chart GBP/USD Update: Reached 1.2900/20 - studies overstretched
Senior Technical Strategist
3
Anticipated gains have reached strong resistance at 1.2900 and the 1.2920 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3050 | * | break level | S1 | 1.2800 | ** | congestion | |
| R3 | 1.3000 | ** | break level | S2 | 1.2700 | * | congestion | |
| R2 | 1.2920 | ** | 61.8% ret of Sep-Jan fall | S3 | 1.2600 | * | congestion | |
| R1 | 1.2900 | ** | congestion | S4 | 1.2550 | * | break level |
Asterisk denotes strength of level
08:05 GMT - Anticipated gains have reached strong resistance at 1.2900 and the 1.2920 Fibonacci retracement, where flat overbought intraday studies are prompting short-term reactions. Daily readings continue to track higher, highlighting room for a test above here. But flattening overbought weekly stochastics are expected to limit scope beyond 1.2900/20 in profit-taking towards 1.3000. Meanwhile, support remains at congestion around 1.2800. A close beneath here would turn sentiment neutral and prompt consolidation above further congestion around 1.2700.