Published: 2024-12-02T01:56:47.000Z
Chart GBP/USD Update: Consolidating, room for higher later
Technical Analyst
2
Settling back from the 1.2750 high as prices consolidate strong gains from the 1.2487 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | * | congestion | S1 | 1.2665 | * | Aug low | |
| R3 | 1.2844/50 | * | Oct low, 38.2% | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2800 | ** | congestion | S3 | 1.2500 | * | congestion | |
| R1 | 1.2750 | * | 29 Nov high | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
01:45 GMT - Settling back from the 1.2750 high as prices consolidate strong gains from the 1.2487 low. Positive daily and weekly studies suggest consolidation to give way to renewed strength later and break above the 1.2715/50 area will see room for stronger recovery to retrace losses from the September high to the 1.2800 congestion and the 1.2844/50 resistance and 38.2% Fibonacci retracement. Meanwhile, support is raised to the 1.2665 and this extend to the 1.2615/00 area which is expected to underpin and limit corrective pullback.