Daily Technical Outlook on Major -GBP/USD
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Last Update At 14 Nov 2017 00:49GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.3115
55 HR EMA
1.3127
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
52
14 HR DMI
+ve
Daily Analysis
Consoldiation b4 one more fall
Resistance
1.3230 - Last Fri's high
1.3178 - Last Tue's high
1.3135 - Y'day's NY high
Support
1.3062 - Y'day's low
1.3040 - Nov 03 low
1.3027 - Oct's low (6th)
. GBP/USD - 1.3121.. Sterling took centre stage n came under heavy selling pressure after NZ open on Sun's news of challenge on May's leadership. Cable tan ked fm 1.3198 to 1.3108 in Asia, then 1.3062 (Europe) b4 rising to 1.3135 in NY.
. Looking at the bigger picture, cable's spectacular but erratic upmove after a 'flash crash' to 2016 31-year bottom of 1.1491 in Oct to 1.2775 (Dec), then strg gain to Sep's 14-month peak at 1.3659 confirms a major low is made. Having said that, sterling's selloff to 1.3027 in early Oct n then subsequent daily swings inside 1.3337-1.3040 range in next 4 weeks suggests further vola- tile consolidation would continue. As long as 1.3321 holds, downside bias re- mains, below 1.3040 would bring re-test of 1.3027, break would extend said fall fm 1.3659 to 1.2945/50, however, reckon 1.2774 (Aug low) should hold. Only abv 1.3337 risks stronger retracement twd 1.3418 (61.8% r of 1.3659-1.3027).
. Today, despite Mon's selloff to 1.3062, subsequent short-covering re- bound suggests further choppy trading abv Nov's trough at 1.3040 would continue, as long as 1.3135/40 holds, weakness twd 1.3040 is likely but key 1.3027 sup may hold. Only abv 1.3165 risks another rise to 1.3190/00 b4 another retreat.
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