Published: 2025-01-28T08:36:04.000Z
Chart GBP/USD Update: Lower towards 1.2400 - any break to remain limited
Senior Technical Strategist
2
The pullback following the test resistance within 1.2500 and the 1.2540 Fibonacci retracement remains focused on congestion support at 1.2400
| 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 - The pullback following the test resistance within 1.2500 and the 1.2540 Fibonacci retracement remains focused on congestion support at 1.2400. Negative intraday studies and a tick lower in overbought daily stochastics suggest room for a break beneath here. But the rising daily Tension Indicator and improving weekly charts are expected to limit scope in consolidation above 1.2300. Following cautious trade, fresh gains are looked for. However, a close above 1.2500/40 is needed to turn sentiment positive and extend January gains towards 1.2600.