Daily Technical Outlook on Major -GBP/USD
|
Last Update At 12 Oct 2017 00:18GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.3215
55 HR EMA
1.3193
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
69
14 HR DMI
+ve
Daily Analysis
Consoldiation b4 one more rise
Resistance
1.3344 - 50% r of 1.3659-1.3027
1.3292 - Last Wed's high
1.3250 - Last Thur's high
Support
1.3175 - Y'day's low
1.3121 - Mon's NZ high (now sup)
1.3075 - This week's low (Mon)
. GBP/USD - 1.3246.. Although cable retreated fm Asian high at 1.3223 to 1.3176 in Europe after Brexit comments fm UK FinMin Hammond n hit session low of 1.3175 in NY morning, price rallied to 1.3236 in post-Fed minutes NY afternoon.
. On the bigger picture 1st, although cable's spectacular rise after early 'flash crash' to 2016 31-year bottom of 1.1491 in Oct 2016 to 1.3068 in Aug this year, then to a 14-month peak of 1.3659 in Sep on expectation of BoE's rate hike confirms a major low has been made, subsequent selloff to 1.3027 last Fri said MT rise has made a top n downside bias remains for weakness twd 1.2945 (being 1.618 exten. of 1.3659-1.3343 fm 1.3456). Having said that, as daily indicators' readings will be in oversold territory of next decline, reckon 1.2774 (Aug low) would remain intact. Having said that, Wed's rally to 1.3236 signals temporary low is made n consolidation is seen n abv 1.3292 would extend gain twd 1.3350.
. Today, cable's resumption of upmove fm 1.3027 to 1.3236 Wed n intra-day break of this NY high confirms recent decline fm 1.3659 has indeed made a low there n consolidation with upside bias remains for gain twd next chart obj. at 1.3292, 'bearish divergences' on hourly indicators would cap price at 1.3300/10.
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.