Daily technical and trading outlook – GBP/USD
|
Last Update At 24 Feb 2021 01:08GMT
Trend daily chart
Up
Daily Indicators
Overbought
21 HR EMA
1.4102
55 HR EMA
1.4065
Trend hourly chart
Up
Hourly Indicators
Rising
13 HR RSI
78
14 HR DMI
+ve
Daily analysis
Resumption of recent upmove
Resistance
1.4246 - 1.618 ext. of 1.3980-1.4098 fm 1.4055
1.4201 - 1.236 ext. of 1.3980-1.4098 fm 1.4055
1.4170 - Intra-day high
Support
1.4117 - Tue's high (now sup)
1.4055 - Tue's low
1.3980 - Mon's low
GBP/USD - 1.4132.. Sterling was the standout performer vs usd among its G7 peers on Tue. Price climbed to a 34-month high of 1.4098 in Europe n despite a retreat to 1.4055 in NY, cable rallied to 1.4117 on renewed usd's weakness.
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 2020 on safe-haven usd's demand following free fall in global stocks, sterling's rally to as high as 1.2812 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 in Sep suggests a major bottom is in place. Cable's rally to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then gain to a 34-month peak at 1.4117 Tue suggests price would head twd 1.4201, o/bot reading on daily indicators may cap price below 1.4246. On the downside, a daily close below 1.3980 signals temporary top is made n yields stronger retrace. to 1.3830.
Today, cable's intra-day break of 1.4117 at Asian open on broad-based buying in sterling to 1.4170 suggests recent uptrend would head to 1.4200/05, as hourly oscillators' readings would be in o/bot territory on such move, reckon 1.4246 should hold. Only below 1.4055 signals temp. top is made, 1.3980 later.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.