Published: 2025-01-20T14:45:41.000Z
Chart GBP/USD Update: Smart run higher
Senior Technical Strategist
2
Cautious trade has given way to a sharp USD-driven bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2500 | ** | break level | S1 | 1.2200 | * | congestion | |
| R3 | 1.2400 | minor congestion | S2 | 1.2160 | 17 Jan low | |||
| R2 | 1.2352 | * | 2 Jan (w) low | S3 | 1.2100 | ** | 13 Jan YTD low | |
| R1 | 1.2300 | * | break level | S4 | 1.2037 | ** | October 2023 (m) low |
Asterisk denotes strength of level
14:40 GMT - Cautious trade has given way to a sharp USD-driven bounce, with prices currently pressuring resistance at 1.2300. Intraday studies are rising and daily readings are also improving, highlighting room for continuation towards the 1.2352 weekly low of 2 January. However, already overbought intraday studies could limit any initial tests in consolidation, before further gains open up 1.2400. Meanwhile, support remains at congestion around 1.2200 and should underpin any immediate setbacks.