Published: 2025-01-07T08:36:22.000Z
Chart GBP/USD Update: Resistance at 1.2585/00
Senior Technical Strategist
2
Anticipated gains have extended to 1.2560
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.27000 | ** | 76.4% ret, congestion | S1 | 1.2500 | * | congestion | |
| R3 | 1.2635 | ** | 61.8% ret of Dec-Jan fall | S2 | 1.2450 | * | congestion | |
| R2 | 1.2600 | * | congestion | S3 | 1.2352 | * | 2 Jan (w) low | |
| R1 | 1.2585 | ** | 50% ret of Dec-Jan fall | S4 | 1.2300 | ** | 22 Apr (y) low |
Asterisk denotes strength of level
08:10 GMT - Anticipated gains have extended to 1.2560, where flattening overbought intraday studies are prompting choppy trade. Daily stochastics continue to rise and the daily Tension Indicator is also improving, highlighting room for still further gains in the coming sessions. A break above 1.2560 will open up the 1.2585 Fibonacci retracement and congestion around 1.2600. But already overbought intraday studies are expected to limit any further strength to the 1.2635 retracement. Meanwhile, support is raised to congestion around 1.2500. Any immediate break should be limited in consolidation/buying interest towards further congestion around 1.2450.