Chart GBP/USD Update: Extending consolidation
Limited on break above the 1.2600/10 congestion and Fibonacci level as prices settled back in consolidation from the 1.2640 high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2728 | * | 17 Dec high | S1 | 1.2550 | * | 5 Feb high | |
| R3 | 1.2700 | * | congestion | S2 | 1.2500 | * | congestion | |
| R2 | 1.2665 | * | 19 Dec high | S3 | 1.2400 | * | congestion | |
| R1 | 1.2600/10 | * | congestion, 38.2% | S4 | 1.2360/32 | ** | congestion, 11 Feb low |
Asterisk denotes strength of level
02:00 GMT - Limited on break above the 1.2600/10 congestion and Fibonacci level as prices settled back in consolidation from the 1.2640 high to unwind overbought intraday studies. Daily studies are overbought as well and caution corrective pullback though bullish structure from the 1.2100 low suggest scope for further gains later to retrace losses from the September high. Higher will see room for extension to the 1.2665/1.2700 area then 1.2765, 50% Fibonacci level. Meanwhile, support is raised to the 1.2550/1.2500 congestion which should underpin and sustain gains from the 1.2100 low.