Published: 2024-04-30T07:28:07.000Z
Chart GBP/USD Update: Consolidating gains - daily studies edging higher
Senior Technical Strategist
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Anticipated gains have reached 1.2569
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | ** | 61.8% ret of Mar-Apr fall | S1 | 1.2500 | * | congestion | |
R3 | 1.2650 | * | congestion | S2 | 1.2450 | congestion | ||
R2 | 1.2600 | * | congestion, 50% ret | S3 | 1.2400 | * | congestion | |
R1 | 1.2569 | 29 Apr high | S4 | 1.2300 | * | congestion, 22 Apr YTD low |
Asterisk denotes strength of level
08:05 BST - Anticipated gains have reached 1.2569, where unwinding overbought intraday studies are prompting a pullback. Immediate focus is turning to congestion support at 1.2500, but rising daily readings and unwinding oversold weekly stochastics are expected to limit any initial tests in fresh consolidation. A break, if seen, should be limited to further congestion around 1.2450. Meanwhile, resistance is strong up to 1.2600. A close above here is needed to turn sentiment positive and extend gains towards the 1.2665 Fibonacci retracement.