Published: 2024-04-12T07:23:46.000Z
Chart GBP/USD Update: Poised for deeper losses
Senior Technical Strategist
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Little change, as prices extend pressure on strong support at 1.2500/18
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2750 | minor congestion | S1 | 1.2500/18 | ** | congestion; 5 Feb YTD low | ||
R3 | 1.2700/10 | * | break level; 9 Apr high | S2 | 1.2470 | ** | 50% ret of Oct-Mar rally | |
R2 | 1.2650 | * | congestion | S3 | 1.2400 | * | congestion | |
R1 | 1.2600 | * | congestion | S4 | 1.2365 | ** | 61.8% ret of Oct-Mar rally |
Asterisk denotes strength of level
08:10 BST - Little change, as prices extend pressure on strong support at 1.2500/18. Intraday studies are turning down and daily readings continue to track lower, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A close beneath here will add weight to already negative price action and extend March losses initially to the 1.2470 Fibonacci retracement. Still lower is 1.2400. Meanwhile, an unexpected close back above congestion resistance 1.2600 will turn price action neutral and prompt fresh range trade beneath 1.2650.