Published: 2024-12-10T01:56:57.000Z
Chart GBP/USD Update: Extending consolidation below the 1.2800 level
Technical Analyst
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Little change, as prices extend consolidation below the 1.2800 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2900/10 | * | congestion | S1 | 1.2700 | * | congestion | |
| R3 | 1.2844/50 | * | Oct low, 38.2% | S2 | 1.2615/00 | ** | congestion, 15 Nov low | |
| R2 | 1.2800 | * | congestion | S3 | 1.2500 | * | figure | |
| R1 | 1.2750 | * | 29 Nov high | S4 | 1.2487 | ** | 22 Nov low |
Asterisk denotes strength of level
01:50 GMT - Little change, as prices extend consolidation below the 1.2800 level. Below the 1.2750 congestion see room for deeper pullback to retest support at the 1.2700 level. Lower still, if seen, will open up the strong support at the 1.2615/00 area to retest. However, the latter expected to underpin and higher low sought to further pressure the upside later. Clear break above the 1.2800 level will turn focus higher to further retrace losses from the September high to the 1.2844/50, resistance and 38.2% Fibonacci retracement and the 1.2900 level.