Published: 2024-10-29T02:02:07.000Z
Chart GBP/USD Update: Room for stronger bounce from 1.2907 low
Technical Analyst
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Higher in consolidation from the 1.2907 low as prices tracks higher above the trendline from the 1.2300, April low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3142 | * | Jun 2023 year high | S1 | 1.2900/95 | ** | congestion, Mar high | |
| R3 | 1.3100 | * | congestion | S2 | 1.2865/60 | * | 50% Apr/Sep rally, Jun high | |
| R2 | 1.3045 | ** | Jul high | S3 | 1.2800 | * | congestion | |
| R1 | 1.3000 | * | Sep low, congestion | S4 | 1.2735 | * | 61.8% Apr/Sep rally |
Asterisk denotes strength of level
02:00 GMT - Higher in consolidation from the 1.2907 low as prices tracks higher above the trendline from the 1.2300, April low. However, bounce attempt see the 1.3000 figure capping though daily studies are unwinding oversold readings and suggest scope for break to see stronger recovery to retrace losses from the September YTD high. Break will see room to resistance at the 1.3045 high of July then the 1.3100 level. Meanwhile, support at the 1.2907 low now underpin. Below here, will expose the strong support at the 1.2895/1.2860, March/June highs.