Daily technical and trading outlook – GBP/USD
|Daily GBP/USD technical outlook
Last Update At 11 Aug 2022 00:25GMT.
Trend daily chart
Sideways
Daily indicators
Rising
21 HR EMA
1.2185
55 HR EMA
1.2145
Trend hourly chart
Near term up.
Hourly indicators
Easing fm o/bot.
13 HR RSI
62
14 HR DMI
+ve
Daily analysis
Consolidation with upside bias.
Resistance
1.2332 - Jun 27 high.
1.2293 - Aug's 1-month high (01).
1.2277 - Wed's 1-week high.
Support
1.2192 - Hourly chart.
1.2175 - Last Thur's NY top (now sup).
1.2137 - Mon's high (now sup).
GBP/USD - 1.2212.. Cable also moved sideways with euro in Asia n started to climb in Europe on broad-based usd's retreat n then jumped in NY morning after softer-than-expected U.S. CPI to as high as 1.2277 b4 falling 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, 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 Feb suggests a major low is made. Having said that, cable's erratic fall to 1.2162 in Dec 2021 n then continued fall this year to a 1.1934 in mid-Jun n weakness to a 2-year trough of 1.1761 in mid-Jul signals cor- rection fm 1.1412 over. Having said that, subsequent strg rise to 1.2293 last Mon n Wed's gain to 1.2277 may re-test 1.2293, abv, 1.2332 but 1.2406 would hold.
Today, cable's rise fm 1.2004 (Fri) to y'day's 1-week 1.2277 top suggests pullback fm Aug's 1-month peak at 1.2293 peak has ended, abv would extend upmove fm 1.1761 twd 1.2332 next week. Intra-day retreat would bring range trading b4 up n only below 1.2175 aborts bullish view, risks 1.2137, break, 1.2063/66 Mon.
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