Daily Technical Outlook on Major - GBP/USD
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Last Update At 15 Oct 2019 02:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.2595
55 HR EMA
1.2545
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.2735 - Jun 28 high
1.2708 - Last Fri's 3-month high
1.2650 - Y'day's high
Support
1.2551 - Y'day's hourly sup
1.2517 - Y'day's low
1.2469 - Last Thur's high (now sup)
GBP/USD - 1.2614..Although cable fell fm 1.2645 in NZ to session lows at 1.2517 on Brexit concerns, price rallied to an intra-day high at 1.2650 in Europe b4 retreating to 1.2536 but rebounded to 1.2607 on renewed Brexit hopes.
On the bigger picture, despite a flash crash to 2016 31-year bottom at 1.1491 on Brexit worries, cable rally to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite sterling's sharp fall to 1.2412 at the start of Jan, then to a 34-month bottom of 1.1959 in Sep, subsequent rally to 1.2582 in Sep on easing of market fear of a no-deal Brexit, then last week's impressive rise to 1.2708 suggests choppy trading abv 1.1491 would continue with upside bias for gain to 1.2883 (38.2% r of 1.4377-1.1959), 'bearish divergences' divergences' on daily indicators should cap price at 1.3000. On the downside, a daily close below 1.2500 signals temp. top made n would head back to 1.2409/13.
Today, despite y'day's selloff to 1.2517, subsequent rally to 1.2650 suggests correction fm Fri's 3-month high at 1.2708 has ended there n re-test of said res would be seen after consolidation, break needed to extend twd 1.2735. Only below 1.2517 would revive bearishness for stronger retrace. to 1.2469.
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