Published: 2025-03-05T02:20:44.000Z
Chart GBP/USD Update: Consolidating at 1.2800/11 resistance, room for break later
Technical Analyst
-
Break above the 1.2715 high has seen rally to fresh high to retest the December high at the 1.2800/11 area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2925 | * | 61.8% Sep/Jan fall | S1 | 1.2715 | * | 26 Feb high | |
| R3 | 1.2900 | * | congestion | S2 | 1.2650 | * | congestion | |
| R2 | 1.2843 | * | Oct low | S3 | 1.2600 | * | congestion | |
| R1 | 1.2800/11 | * | congestion, Dec high | S4 | 1.2550 | * | 5 Feb high |
Asterisk denotes strength of level
02:15 GMT - Break above the 1.2715 high has seen rally to fresh high to retest the December high at the 1.2800/11 area. Paused here see prices unwinding overbought intraday studies but the bullish structure from the January low suggest this giving way to break later to further retrace losses from the September high. Clearance will see room to 1.2843 resistance then the 1.2900/25, congestion and 61.8% Fibonacci level. Meanwhile, support is raised to 1.2715/00 area which should now underpin and sustain recent bounce from the 1.2600/1.2550 congestion area.