Chart GBP/USD Update: Potential for a minor test higher
Little change, as prices extend pressure on resistance at congestion around 1.2600 and the 1.2613 monthly low of 27 June
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2768 | 13 Nov high | S1 | 1.2500 | ** | congestion | ||
| R3 | 1.2700/20 | break area | S2 | 1.2487 | ** | 22 Nov (w) low | ||
| R2 | 1.2650 | congestion | S3 | 1.2450 | congestion | |||
| R1 | 1.2600/13 | * | cong; 27 Jun (m) low | S4 | 1.2400 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Little change, as prices extend pressure on resistance at congestion around 1.2600 and the 1.2613 monthly low of 27 June. Intraday studies have ticked higher and daily readings are improving, highlighting potential for a break above here towards congestion resistance at 1.2650. However, broader weekly charts are mixed, suggesting any immediate tests could give way to fresh consolidation. A break, if seen, will improve sentiment and extend gains towards 1.2700/20. Meanwhile, support remains at congestion around 1.2500 and is expected to underpin any immediate tests lower. A break, not seen, would add weight to price action and extend losses below the 1.2487 weekly low of 22 November towards 1.2450.