Daily technical and trading outlook – GBP/USD
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Last Update At 13 Aug 2021 00:44GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.3829
55 HR EMA
1.3842
Trend hourly chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
34
14 HR DMI
-ve
Daily analysis
Resumption of recent decline.
Resistance
1.3894 - Mon's high.
1.3887 - Wed's high.
1.3856 - Thur's hourly sup (now res).
Support
1.3787 - Jul 22 high (now sup).
1.3767 - Jul 27 low.
1.3730 - 61.8% r of 1.3573-1.3983.
GBP/USD - 1.3812.. The pound traded narrowly in Asia Thur b4 rebounding fm 1.3856 to 1.3878 in Europe, however, price fell steadily due to active cross selling in sterling n later tumbled to a fresh 2-week trough of 1.3794 in NY.
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, price 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 suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3753 in Jul con- firms long-awaited correction has occurred. Having said that, subsequent rally to 1.3983 in late Jul confirms low has been made but last week's decline would head back to 1.3778 (50% r) but 1.3730 (61.8% r) may hold. Abv 1.3983, 1.4052.
Today, despite Wed's rally fm 1.3804 to 1.3887, y'day's break of 1.3804 to 1.3794 signals recent fall fm 1.3983 has resumed n would head to 1.3750/55, o/sold readings on hourly oscillators limit weakness to 1.3730. Only abv 1.3887 indicates temporary low is made n risks stronger gain to 1.3894, 1.3910/15.
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