Dailly Technical Outlook on Major - GBP/USD
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Last Update At 12 Apr 2019 00:42GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.3069
55 HR EMA
1.3074
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
38
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.3196 - Last week's high (Wed)
1.3150 - Last Mon's high
1.3122 - Last Fri's n Tue's high
Support
1.3031 - Tue's low
1.2987 - Last Fri's low
1.2977 - Mar 29 low
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GBP/USD - 1.3055.. Although cable gained to 1.3108 in Asia, then marginally higher to 1.3109 in early European morning, price erased its gains n dropped to 1.3059 in Europe on cross-selling in stg vs euro, then 1.3051 in NY.
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On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite subsequent fall to 1.2662 (Aug), then weakness to a 20-month bottom of 1.2412 at the start of Dec and gain to 1.32 18 in Jan due to Brexit optimism, then to 1.3383 near mid-Mar suggests said MT fall has ended. Having said that, cable's erratic fall to 1.2977 due to rejection of UK PM May's Brexit deal suggests first leg of correction is over n would head back to 1.2773/83 (Feb's low n 61.8% r fm 1.2412 respectively), reckon pivotal sup at 1.2672 should hold. Only abv 1.3269 signals pullback over, 1.3383 again.
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Today, although cable's retreat fm Wed's 1.3120 high signals recovery fm last Fri's 1.2987 low has ended at 1.3122 Tue n below 1.3031 would bring weak- ness to 1.2987, then re-test of 1.2977 (Mar), as hourly indicators would display bullish convergences on this move, reckon 1.2945 would hold. Abv 1.3122, 1.3150.
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