Daily technical and trading outlook – GBP/USD
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Last Update At 03 Dec 2020 00:47GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
1.3362
55 HR EMA
1.3364
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Consolidation with upside bias
Resistance
1.3442 - This week's high (Tue)
1.3407 - Tue's Eurpean morning high
1.3384 - Mon's high
Support
1.3288 - Y'day's low
1.3265 - Last Mon's low
1.3197 - Nov 19 low
GBP/USD - 1.3363.. Cable traded sideways in Asia Wed b4 briefly rising to 1.3441 at European open, however, sterling then tumbled to 1.3339 in Europe, then to session lows of 1.3288 in NY on negative Brexit news b4 rebounding.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following free fall in global stocks, sterling's rally to as high as 1.28 12 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 on the 1st day in Sep suggests a major bottom is in place. Although decline to 1.2676 (Sep) due to market concerns of a hard Brexit signals temp. top is made, cable's rise to 1.3442 on Tue suggests pullback has ended n upside bias remains for a re-test of 1.3482, then 1.3566 in early Dec. On the downside, only below 1.3177 prolongs sideways swings n risks 1.3107, break would head to 1.3050.
Today, cable's rebound after selloff fm 1.3441 to 1.3288 signals 1st leg of correction fm Tue's 3-month peak at 1.3442 has ended n consolidation with upside bias is seen, only abv 1.3407 would head back to 1.3441/45. Only below 1.3288 risks stronger retracement of recent rise to 1.3265, possibly 1.3220/30.
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