Published: 2025-01-27T08:33:12.000Z
Chart GBP/USD Update: Consolidating gains - background studies improving
Senior Technical Strategist
1
Anticipated gains have reached resistance at 1.2500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2640 | ** | 76.4% ret of Dec-Jan fall | S1 | 1.2400 | congestion | ||
| R3 | 1.2600 | * | break level | S2 | 1.2300 | * | break level | |
| R2 | 1.2540 | ** | 61.8% ret of Dec-Jan fall | S3 | 1.2200 | * | congestion | |
| R1 | 1.2500 | * | break level | S4 | 1.2160 | 17 Jan low |
Asterisk denotes strength of level
08:10 GMT - Anticipated gains have reached resistance at 1.2500, where unwinding overbought intraday studies and flat overbought daily stochastics prompt a pullback. Focus is on congestion support at 1.2400. But the rising daily Tension Indicator and improving weekly charts are expected to limit any tests in consolidation. A close beneath here, if seen, will add weight to sentiment and open up 1.2300, where renewed buying interest is looked for. Following cautious trade, fresh gains are looked for. A close above 1.2500 would improve sentiment and extend January gains initially towards the 1.2540 Fibonacci retracement.