Daily Technical Outlook on Major - GBP/USD
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Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.2951
55 HR EMA
1.2979
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.3049 - Tue's high
1.3023 - Y'day's high
1.2971 - Tue's low (now res)
Support
1.2908 - Y'day's low
1.2895 - Last Tue's low
1.2873 - Last Mon's 2-1/2 month low
GBP/USD - 1.2928.. Although the pound traded sideways in Asia n edged up to 1.3023 on UK inflation data, price erased its gains n tumbled to an intra-day low at 1.2908 in NY afternoon on usd's broad-based strength.
On the bigger picture, despite a flash crash to 2016 31-year bottom at 1.1491 on Brexit worries, cable rally to a 21-month peak at 1.4377 in 2018 confirms a major low has been made. Although the sharp fall to 1.2412 at the start of Jan 2019, then to a 34-month bottom of 1.1959 in Sep suggests correction has ended, sterling's subsequent rally to as high as 1.3516 in mid-Dec on easing of market woes of a hard Brexit suggests choppy trading abv 1.1491 would continue. Having said that, sterling's rally after Mon's fall to a 2-1/2 month trough at 1.2873 suggests decline fm Dec's 1-1/2 year peak at 1.3516 has made a temporary low n stronger retracement twd 1.3126 may be seen but 1.3210 should hold.
Today, although y'day's selloff to 1.2908 suggests rise fm Feb's 2-1/2 month trough at 1.2873 has ended at 1.3069 last Thur n marginal weakness is likely, as hourly oscillators would be in o/sold territory, reckon said 1.2873 sup would remain intact n yield rebound. However, 1.2971 would remain intact.
Interested in GBP/USD technicals? Check out the key levels
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