Published: 2025-02-27T01:43:35.000Z
Chart GBP/USD Update: Limited above the 1.2700 level
Technical Analyst
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No follow-through on break of the 1.2700 level but pressure remains on the upside
| 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
01:40 GMT - No follow-through on break of the 1.2700 level but pressure remains on the upside. However, the daily studies are deep into overbought areas and suggest further ranging action below here to unwind overbought readings. Support is at the 1.2600 level while break here will open up room for deeper pullback 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 to 1.2765, 50% Fibonacci level.