Published: 2025-03-17T02:08:55.000Z
Chart GBP/USD Update: Lower in consolidation
Technical Analyst
1
Drifting lower from the 1.2988 high as prices unwind the overbought intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3120 | * | 76.4% Sep/Jan fall | S1 | 1.2900 | * | congestion | |
| R3 | 1.3045 | * | congestion, Nov high | S2 | 1.2860 | * | 10 Mar low | |
| R2 | 1.3000 | ** | congestion | S3 | 1.2800 | * | 4 Mar high, congestion | |
| R1 | 1.2988 | ** | 12 Mar YTD high | S4 | 1.2715 | ** | Feb high |
Asterisk denotes strength of level
02:00 GMT - Drifting lower from the 1.2988 high as prices unwind the overbought intraday and daily studies. Pullback see support starting at the 1.2900 level which extend to the 1.2860 low of last week. This area now underpin and break here is needed to open up room for deeper correction to the 1.2800 congestion and strong support at 1.2715 , February high. Meanwhile, resistance remains at the 1.2988 high and clearance here and the 1.3000 level will further retrace the September/January losses and see room to 1.3045 congestion then the 1.3120/42, 76.4% Fibonacci level and 2023 year high.