Published: 2024-10-30T01:51:33.000Z
Chart GBP/USD Update: Extending gains from 1.2907 low
Technical Analyst
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Turning higher in consolidation from the 1.2907 low and trendline support from the April low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3170 | * | 50% Sep/Oct fall | S1 | 1.2907 | * | 23 Oct low | |
| R3 | 1.3142 | * | Jun 2023 year high | S2 | 1.2895 | ** | Mar high | |
| R2 | 1.3100/08 | * | congestion, 38.2% | S3 | 1.2865/60 | * | 50% Apr/Sep rally, Jun high | |
| R1 | 1.3045 | ** | Jul high | S4 | 1.2800 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Turning higher in consolidation from the 1.2907 low and trendline support from the April low as prices unwind the oversold daily studies. Break above 1.3000 level opens up stronger recovery to retrace losses from the September YTD high and see room to the strong resistance at 1.3045, July high. Higher still will see scope to the 1.3100/1.3108, congestion and 38.2% Fibonacci retracement. Meanwhile, support at the 1.2907 low now underpin. Break here, if seen, will expose the strong support at the 1.2895/1.2860, March/June highs.