Published: 2024-04-23T07:26:06.000Z
Chart GBP/USD Update: Fresh 2024 year lows - strong support at the 1.2240 Fibonacci retracement
Senior Technical Strategist
1
Anticipated losses have reached congestion support at 1.2300
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2300 | * | congestion | |
R3 | 1.2600 | * | congestion | S2 | 1.2240 | ** | 76.4% ret of Oct-Mar rally | |
R2 | 1.2500/18 | ** | congestion; 5 Feb (m) low | S3 | 1.2200 | * | congestion | |
R1 | 1.2400 | * | congestion | S4 | 1.2100 | * | congestion |
Asterisk denotes strength of level
08:05 BST - Anticipated losses have posted fresh 2024 year lows at congestion support at 1.2300, where unwinding oversold intraday studies are prompting short-term reactions. Daily readings continue to point lower and broader weekly charts are under pressure, highlighting room for deeper losses in the coming sessions. A break beneath here will extend March losses towards the 1.2240 Fibonacci retracement, but already oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at congestion around 1.2400. An unexpected close above here will turn sentiment neutral and prompt consolidation beneath 1.2500/18.