Dailly Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 12 Apr 2019 00:42GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.3069

55 HR EMA
1.3074

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
38

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.3196 - Last week's high (Wed)
1.3150 - Last Mon's high
1.3122 - Last Fri's n Tue's high

Support
1.3031 - Tue's low
1.2987 - Last Fri's low
1.2977 - Mar 29 low

GBP/USD - 1.3055.. Although cable gained to 1.3108 in Asia, then marginally higher to 1.3109 in early European morning, price erased its gains n dropped to 1.3059 in Europe on cross-selling in stg vs euro, then 1.3051 in NY.
On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite subsequent fall to 1.2662 (Aug), then weakness to a 20-month bottom of 1.2412 at the start of Dec and gain to 1.32 18 in Jan due to Brexit optimism, then to 1.3383 near mid-Mar suggests said MT fall has ended. Having said that, cable's erratic fall to 1.2977 due to rejection of UK PM May's Brexit deal suggests first leg of correction is over n would head back to 1.2773/83 (Feb's low n 61.8% r fm 1.2412 respectively), reckon pivotal sup at 1.2672 should hold. Only abv 1.3269 signals pullback over, 1.3383 again.
Today, although cable's retreat fm Wed's 1.3120 high signals recovery fm last Fri's 1.2987 low has ended at 1.3122 Tue n below 1.3031 would bring weak- ness to 1.2987, then re-test of 1.2977 (Mar), as hourly indicators would display bullish convergences on this move, reckon 1.2945 would hold. Abv 1.3122, 1.3150.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.315
2. R2 1.313
3. R1 1.3089
PP 1.3069
1. S1 1.3029
2. S2 1.3009
3. S3 1.2968

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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