Published: 2024-11-06T06:53:40.000Z
Chart GBP/USD Update: Sharp pullback return focus to 1.2844 low
Technical Analyst
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Rejection from strong resistance at 1.3045 July high see sharp drop to threaten the 1.2844, October low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3100/08 | * | congestion | S1 | 1.2844 | ** | Oct low | |
| R3 | 1.3045 | ** | Jul high | S2 | 1.2800 | * | congestion | |
| R2 | 1.3000 | * | Sep low | S3 | 1.2733 | * | 61.8% Apr/Sep rally | |
| R1 | 1.2907 | * | 23 Oct low | S4 | 1.2665 | * | Aug low |
Asterisk denotes strength of level
06:50 GMT - Rejection from strong resistance at 1.3045 July high see sharp drop to threaten the 1.2844, October low. Daily studies have turn down from ovberbought area and suggest scope for break here to further retrace the April/September rally and see scope to the 1.2800 congestion. Below this will open up deeper pullback to the 1.2733, 61.8% Fibonacci retracement. Meanwhile, resistance is lowered to the 1.2900/07 congestion and 23 Oct low. Only regaining this will see scope for retest of the 1.3000/45 resistance.