Published: 2024-04-29T07:19:10.000Z
Chart GBP/USD Update: Balanced at 1.2500/18 - 1.2530 - daily studies remain positive
Senior Technical Strategist
1
Still little change
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2450 | congestion | ||
R3 | 1.2600 | * | congestion, 50% ret | S2 | 1.2400 | * | congestion | |
R2 | 1.2530 | * | 38.2% ret of Mar-Apr fall | S3 | 1.2300 | * | congestion, 22 Apr YTD low | |
R1 | 1.2500/18 | ** | congestion; 5 Feb (m) low | S4 | 1.2240 | ** | 76.4% ret of Oct-Mar rally |
Asterisk denotes strength of level
08:05 BST - Still little change, as prices extend consolidation at resistance within 1.2500/18 and the 1.2830 Fibonacci retracement. Intraday studies have ticked higher and daily readings continue to strengthen, suggesting room for further strength in the coming sessions. However, a close above 1.2530 is needed to turn sentiment positive and extend gains towards strong resistance at 1.2600, where mixed weekly charts could prompt fresh consolidation. Meanwhile, support is at congestion around 1.2450. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation around further congestion at 1.2400.