Published: 2025-05-05T02:08:14.000Z
Chart GBP/USD Update: Consolidating above 1.3233 support
Technical Analyst
3
Consolidating at 1.3260 as prices unwind the oversold intraday studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3500 | * | congestion | S1 | 1.3233 | * | 23 Apr low | |
| R3 | 1.3435 | ** | Sep 2024 year high | S2 | 1.3200 | ** | break level | |
| R2 | 1.3350 | * | congestion | S3 | 1.3165 | * | 38.2% Apr rally | |
| R1 | 1.3300 | * | congestion | S4 | 1.3100 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Consolidating at 1.3260 as prices unwind the oversold intraday studies following rejection from the 1.3435 resistance. Resistance starts at the 1.3300 level and above here will open up room for stronger bounce to resistance at 1.3350. However, this is expected to give way to freh selling pressure later to the 1.3233 support and where break will open up room for deeper pullback to retrace strong rally from the 1.2708 low of April. Break here and the 1.3200 level will see room to the 38.2% Fibonacci level and 1.3100 congestion.