Daily technical and trading outlook – GBP/USD
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Last Update At 28 May 2021 01:12GMT
Trend daily chart
Up
Daily Indicators
Rising
21 HR EMA
1.4176
55 HR EMA
1.4158
Trend hourly chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily analysis
Consolidation with upside bias.
Resistance
1.4276 - 80.9% proj. of 1.4006-1.4233 fm 1.4092.
1.4241 - Feb's near 34-month high.
1.4233 - Last Fri's 12-week high.
Support
1.4176 - Wed's high (now sup).
1.4140 - Thur's European morning high (now sup).
1.4092 - Thur's low.
GBP/USD - 1.4190. Although cable briefly dipped to a 9-day low of 1.4092 in Asia y'day, price then rallied to 1.4140 in Europe, then to session highs of 1.4218 in NY on hawkish comments fm BoE's Vlieghe b4 retreating on profit-taking.
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. Although cable rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb, subsequent fall to 1.36 70 in Apr signals temp. top is made. Having said that, cable's rise abv prev. Apr's 1.3919 high to 1.4009 (Apr) n last week's gain to 1.4233 may re-test 1.4241, break would extend uptrend fm 1.1412 twd 2018 peak at 1.4377 (Apr) in late Jun/Jul. A daily close below 1.4006 signals top made n heads twd 1.3801.
Today, cable's rally fm 1.4092 to 1.4218 y'day suggests pullback fm last Fri's 1.4233 high has ended n gai to Feb's 1.4241 high would be seen after consolidation, break would extend marginal gain, as hourly indicators would display bearish divergences, 1.4275/80 should cap upside. Below 1.4154, 1.4110/20.
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