Bounce from the 31.40 support has seen prices retracing all of the losses to retest the 32.20, Monday’s high

 Level Comment  Level Comment R4 32.50 * congestion   S1 32.00 * congestion R3 32.44 * 38.2% 2025/Jan fall   S2 31.89 ** Feb high R2 32.40 * congestion   S3 31.70 * congestion R1 32.20/23 ** congestion, Oct low   S4 31.60/58 ** congestion, Sep low

Asterisk denotes strength of level

03:10 GMT – Bounce from the 31.40 support has seen prices retracing all of the losses to retest the 32.20, Monday’s high. Positive daily and weekly studies highlight scope for break here and the 32.23 resistance to extend gains from the double bottom at the 30.93/30.86, February/January lows. Higher will further retrace losses from the April high to the 32.40 congestion and 32.44, 38.2% Fibonacci level. Meanwhile, support is raised to the 32.00 congestion which extend to the 31.89 February high, which should underpin and limit any corrective pullback.