Chart GBP/USD Update: Sharp losses pressuring the 1.2865 Fibonacci retracement
Anticipated selling interest within the 1.3043/50 area has given way to a sharp fall
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3043/50 | 30 Oct (w) high; cong | S1 | 1.2865 | ** | 50% ret of Apr-Sep rally | ||
| R3 | 1.3000 | ** | congestion | S2 | 1.2843 | ** | 31 Oct (m) low | |
| R2 | 1.2950 | * | break level | S3 | 1.2800 | * | congestion | |
| R1 | 1.2900 | congestion | S4 | 1.2735 | ** | 61.8% ret of Apr-Sep rally |
Asterisk denotes strength of level
08:10 GMT - Anticipated selling interest within the 1.3043/50 area has given way to a sharp fall, as intraday studies track lower, with prices currently pressuring support at the 1.2865 Fibonacci retracement and the 1.2843 monthly low of 31 October. The daily Tension Indicator is rising, suggesting consolidation around here. But rising daily stochastics are flattening and broader weekly charts are negative, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and confirm continuation of September losses, initially to congestion around 1.2800. Still lower is the 1.2735 retracement. Meanwhile, resistance is lowered to congestion around 1.2900 and extends to 1.2950. This area should cap any immediate bounce. A close above here, however, will turn sentiment neutral and prompt consolidation beneath 1.3000.