DAILY GBP/USD TECHNICAL OUTLOOK
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.3063
55 HR EMA
1.3062
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
57
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.3170 - Fri's 4-1/2 month peak
1.3149 - Fri's hourly res
1.3113 - Mon's high
Support
1.3005 - Mon's low
1.2982 - Y'day's low
1.2945 - Last Thur's low
GBP/USD - 1.3081...The pound went through a roller-coaster ride. Despite trading edging up to 1.3108 in Europe, price dropped to session lows at 1.2982 at NY open. Later, the pair rebounded strongly to 1.3074 in NY on usd's weakness.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following almost free fall in global stocks, sterling strg rebound to as high as 1.2648 (Apr) on broad-based usd's weakness suggests low has been made. Although price fell to 1.2075 in May, price climbed to a near 3-month peak of 1.2812 in Jun. Although selloff to 1.2252 in late Jun signals MT uptrend fm 1.1412 has made a top, last Fri's rally to 1.3170 signals said upmove would head to 1.3283 after consolidation. Only a daily close below 1.2945 would indicate a temporary top has been made, risk 1.2839 later this week.
Today, as y'day's strg rebound fm 1.2982 suggests 1st leg of correction fm Fri's 4-1/2 month peak at 1.3170 has ended there n upside bias remains, abv 1.3113 would extend to 1.3149 b4 prospect of a retreat later. Only below 1.3005 would revive bearishness for retracement to 1.2945.
-637322105457852554.png)
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.