Chart GBP/USD Update: Lower in consolidation from 1.2550 spike high
No follow-through on break of the 1.2500 level as prices settled back from the 1.2550 spike high to consolidate strong rally from the 1.2249 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2610 | * | 38.2% Sep/Jan fall | S1 | 1.2400 | * | congestion | |
| R3 | 1.2576 | ** | 7 Jan YTD high | S2 | 1.2352 | * | 2 Jan low | |
| R2 | 1.2550 | * | 5 Feb high | S3 | 1.2300 | * | 2024 year low | |
| R1 | 1.2500 | * | congestion | S4 | 1.2249 | ** | 3 Feb low |
Asterisk denotes strength of level
01:40 GMT - No follow-through on break of the 1.2500 level as prices settled back from the 1.2550 spike high to consolidate strong rally from the 1.2249 low and unwind the overbought intraday studies. Pullback see support starting at the 1.2400/1.2352 area which should underpin. Failure here will open up room for deeper pullback to the 1.2300 support. However, this is seen corrective and higher low sought to further pressure the 1.2500 resistance later. Break here and the 1.2550 high will open up room for retest of the January high at 1.2576 then the 1.2610, 38.2% Fibonacci level.