Chart GBP/USD Update: Daily studies continue to rise
Cautious trade around 1.2650 has given way to further gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | ** | break level | S1 | 1.2650 | congestion | ||
| R3 | 1.2800 | ** | break level | S2 | 1.2600 | * | congestion | |
| R2 | 1.2768 | 13 Nov high | S3 | 1.2500 | ** | congestion | ||
| R1 | 1.2700/20 | break area | S4 | 1.2487 | ** | 22 Nov (w) low |
Asterisk denotes strength of level
08:05 GMT - Cautious trade around 1.2650 has given way to further gains, with the test above the 1.2700/20 resistance area meeting selling interest around 1.2750. Prices are currently balanced in 1.2700/20, but rising intraday studies and positive daily readings highlight room for renewed strength in the coming sessions. A break back above 1.2700/20 will improve price action and extend late-November gains towards the 1.2800 break level. However, by-then overbought daily stochastics could prompt selling interest/consolidation around here. Meanwhile, support remains at congestion around 1.2650. A tick higher in oversold weekly stochastics should limit any break beneath here in consolidation above further congestion around 1.2600.