Published: 2023-12-12T04:15:24.000Z
Chart GBP/USD Update: Range-bound above the 1.2500 congestion
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| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | * | 22 Aug high, congestion | S1 | 1.2500 | * | congestion | |
| R3 | 1.2746 | 30 Aug high | S2 | 1.2450 | 22 Nov low | |||
| R2 | 1.2720 | * | 61.8% Jul/Oct fall | S3 | 1.2428 | * | 6 Nov high | |
| R1 | 1.2600 | congestion | S4 | 1.2375 | 17 Nov low |
Asterisk denotes strength of level
04:10 GMT - Turned up in range from test of the 1.2500 level as prices consolidate losses from the 1.2700/20 highs. While a deeper pullback cannot be ruled out, below the 1.2500 level see strong support at the 1.2450/28 area now protecting the downside. Corrective pullback seen giving way to renewed strength later with resistance now at 1.2600/51 area. Regaining this will clear the way for retest of the 1.2700/20 high and see scope to further extend the broader gains from the Oct YTD low to the 1.2800 level.