Published: 2024-10-23T01:59:57.000Z
Chart GBP/USD Update: Extending losses, room to 1.2895/1.2860 support
Technical Analyst
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Shallow bounce above the 1.3000 level keeps pressure firmly on the downside
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3200 | * | congestion | S1 | 1.2945 | 22 Oct low | ||
| R3 | 1.3142 | * | Jun 2023 year high | S2 | 1.2895 | ** | Mar high | |
| R2 | 1.3100 | ** | congestion | S3 | 1.2865/60 | * | 50%, Jun high | |
| R1 | 1.3045 | * | Jul high | S4 | 1.2800 | * | congestion, 15 Aug low |
Asterisk denotes strength of level
02:00 GMT - Shallow bounce above the 1.3000 level keeps pressure firmly on the downside and break has seen further slide to each 1.2945 low. Lower will further extend losses from the September YTD high and see room to the strong support at the 1.2895/60, March and June highs as well as 50% Fibonacci level. Oversold daily studies suggest reaction here likely with bounce to see resistance lowered to the 1.3000/1.3045 area. Above here will open up room to the 1.3100 level which is expected to cap. Clearance will fade the downside pressure and see stronger recovery to retrace losses from the September high.