Published: 2025-02-25T08:23:42.000Z
Chart GBP/USD Update: Consolidating - room for a minor test lower
Senior Technical Strategist
3
Still little change
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | * | break level | S1 | 1.2600 | * | congestion | |
| R3 | 1.2800/10 | ** | congestion; 6 Dec (m) high | S2 | 1.2550 | * | break level | |
| R2 | 1.2765 | ** | 50% ret of Sep-Jan fall | S3 | 1.2500 | * | break level | |
| R1 | 1.2700 | * | congestion | S4 | 1.2450 | break level |
Asterisk denotes strength of level
08:10 GMT - Still little change, as prices extend cautious trade above congestion support at 1.2600. Intraday studies are turning down and daily readings are also under pressure, highlighting room for a break towards support at 1.2550. However, rising weekly charts are expected to limit any deeper losses in renewed buying interest towards 1.2500. Meanwhile, resistance remains at congestion around 1.2700. A later break above here will turn sentiment positive and extend January gains initially towards the 1.2765 Fibonacci retracement.