Chart GBP/USD Update: Consolidating above fresh 2024 low - limited tests higher
Still little change, as prices extend consolidation above congestion support at 1.2400
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2700/10 | * | break level; 9 Apr high | S1 | 1.2400/05 | * | congestion; 16 April YTD low | |
R3 | 1.2650 | * | congestion | S2 | 1.2365 | ** | 61.8% ret of Oct-Mar rally | |
R2 | 1.2600 | * | congestion | S3 | 1.2300 | * | congestion | |
R1 | 1.2500/18 | ** | congestion; 5 Feb (m) low | S4 | 1.2240 | ** | 61.8% ret of Oct-Mar rally |
Asterisk denotes strength of level
08:05 BST - Still little change, as prices extend consolidation above congestion support at 1.2400. Intraday studies are tracking higher and oversold daily stochastics are also ticking up, suggesting potential for a move higher towards strong resistance at congestion around 1.2500 and the 1.2518 monthly low of 5 February. But the falling daily Tension Indicator and bearish weekly charts are expected to limit any initial tests in fresh consolidation. Following cautious trade, fresh losses are highlighted. However, a close below the 1.2405 current year low of 16 April is needed to turn sentiment negative once again and extend March losses towards the 1.2365 Fibonacci retracement.