Published: 2025-04-10T07:42:58.000Z
Chart GBP/USD Update: Edging higher
Senior Technical Strategist
2
Choppy trade above congestion support at 1.2800 is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3120 | ** | 76.4% ret of Sep-Jan fall | S1 | 1.2800 | ** | congestion | |
| R3 | 1.3000 | ** | range highs | S2 | 1.2700 | congestion | ||
| R2 | 1.2900 | ** | congestion | S3 | 1.2655 | ** | 50% ret of Jan-Apr rally | |
| R1 | 1.2860 | * | 6-10 Mar lows | S4 | 1.2600 | * | congestion |
Asterisk denotes strength of level
08:10 BST - Choppy trade above congestion support at 1.2800 is giving way to a test higher, as intraday studies tick up once again and oversold daily stochastics edge higher, with prices currently pressuring resistance at the 1.2860 lows from 6-10 March. A break will open up congestion resistance at 1.2900. However, the negative daily Tension Indicator and deteriorating weekly charts are expected to limit any further break in consolidation beneath 1.3000. Meanwhile, support remains at 1.2800. A close beneath here, if seen, would add weight to sentiment and put focus back on congestion support at 1.2700.