Published: 2025-04-03T07:31:35.000Z
Chart GBP/USD Update: Pressuring the 1.3120 Fibonacci retracement - studies improving
Senior Technical Strategist
3
Cautious trade around congestion support at 1.2900 has given way to a steady bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3350 | * | congestion | S1 | 1.3000 | ** | range highs | |
| R3 | 1.3275 | * | congestion | S2 | 1.2900 | ** | congestion | |
| R2 | 1.3200 | * | break level | S3 | 1.2860 | * | 6-10 Mar lows | |
| R1 | 1.3100/20 | * | cong; 76.4% ret of Sep-Jan fall | S4 | 1.2800 | ** | congestion |
Asterisk denotes strength of level
08:10 BST - Cautious trade around congestion support at 1.2900 has given way to a steady bounce, with prices currently pressuring critical resistance at the 1.3200 Fibonacci retracement. Flat overbought intraday studies highlight potential for consolidation around here, before improving daily readings prompt a break and extend January gains towards resistance at 1.3200. Meanwhile, support is raised to the 1.3000 recent range highs. A close beneath here, if seen, would turn sentiment neutral once again and prompt renewed consolidation above congestion support at 1.2900.