Published: 2025-01-24T08:30:51.000Z
Chart GBP/USD Update: January gains resuming
Senior Technical Strategist
1
The anticipated minor break below support at 1.2300 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2540 | ** | 61.8% ret of Dec-Jan fall | S1 | 1.2300 | * | break level | |
| R3 | 1.2500 | * | break level | S2 | 1.2200 | * | congestion | |
| R2 | 1.2455 | ** | 50% ret of Dec-Jan fall | S3 | 1.2160 | 17 Jan low | ||
| R1 | 1.2400 | minor congestion | S4 | 1.2100 | ** | 13 Jan YTD low |
Asterisk denotes strength of level
08:10 GMT - The anticipated minor break below support at 1.2300 has not been seen, as cautious trade gives way to a fresh run higher. Prices are currently pressuring congestion resistance at 1.2400. But rising intraday studies and the positive daily Tension Indicator highlight room for a break and continuation of January gains towards the 1.2455 Fibonacci retracement. However, flat overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts prompt a break. Meanwhile, support remains at 1.2300 and should continue to underpin any immediate setbacks.