Chart GBP/USD Update: Back in range following a move to fresh 2023 low
Consolidation has given way to a test below congestion support at 1.2400
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2700/10 | * | break level; 9 Apr high | S1 | 1.2400 | * | congestion | |
R3 | 1.2650 | * | congestion | S2 | 1.2388 | intraday low | ||
R2 | 1.2600 | * | congestion | S3 | 1.2365 | ** | 61.8% ret of Oct-Mar rally | |
R1 | 1.2500/18 | ** | congestion; 5 Feb (m) low | S4 | 1.2300 | * | congestion |
Asterisk denotes strength of level
08:05 BST - Consolidation has given way to a test below congestion support at 1.2400, with prices posting a fresh 2024 low around 1.2388, before bouncing back above 1.2400. Daily studies are mixed, suggesting further cautious trade, but broader weekly charts are under pressure, suggesting room for later fresh tests lower. Strong support is at the 1.2365 Fibonacci retracement. A close beneath here is needed to turn sentiment outright negative and confirm continuation of March losses towards congestion around 1.2300. Meanwhile, resistance remains at congestion around 1.2500 and the 1.2518 monthly low of 5 February. This area should cap any immediate tests higher.