Published: 2025-02-28T02:14:27.000Z
Chart GBP/USD Update: Extending rejection from 1.2700
Technical Analyst
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Turned lower from test of the 1.2700 level as daily studies unwind the deep overbought readings to reach support at 1.2600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2800/11 | * | congestion, Dec high | S1 | 1.2600 | * | congestion | |
| R3 | 1.2765 | * | 50% Sep/Jan fall | S2 | 1.2550 | * | 5 Feb high | |
| R2 | 1.2728 | * | 17 Dec high | S3 | 1.2500 | ** | congestion | |
| R1 | 1.2700 | * | congestion | S4 | 1.2450 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Turned lower from test of the 1.2700 level as daily studies unwind the deep overbought readings to reach support at 1.2600. Break here will open up room for deeper pullback to retrace gains from the February low at 1.2250 to the strong support at the 1.2550/1.2500 area which is expected to underpin. Correction expected to give way to fresh buying interest later, break above the 1.2700/1.2728 area will see room for stronger gains to retrace the September/January losses. Higher will see extension to retest December high at 1.2728 then 1.2765, 50% Fibonacci level.