Daily GBP/USD technical outlook
Last Update At 24 Feb 2021 01:08GMT
Trend daily chart
Up
Daily Indicators
Overbought
21 HR EMA
1.4102
55 HR EMA
1.4065
Trend hourly chart
Up
Hourly Indicators
Rising
13 HR RSI
78
14 HR DMI
+ve
Daily analysis
Resumption of recent upmove
Resistance
1.4246 - 1.618 ext. of 1.3980-1.4098 fm 1.4055
1.4201 - 1.236 ext. of 1.3980-1.4098 fm 1.4055
1.4170 - Intra-day high
Support
1.4117 - Tue's high (now sup)
1.4055 - Tue's low
1.3980 - Mon's low
GBP/USD - 1.4132.. Sterling was the standout performer vs usd among its G7 peers on Tue. Price climbed to a 34-month high of 1.4098 in Europe n despite a retreat to 1.4055 in NY, cable rallied to 1.4117 on renewed 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 2020 on safe-haven usd's demand following free fall in global stocks, sterling's rally to as high as 1.2812 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 in Sep suggests a major bottom is in place. Cable's rally to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then gain to a 34-month peak at 1.4117 Tue suggests price would head twd 1.4201, o/bot reading on daily indicators may cap price below 1.4246. On the downside, a daily close below 1.3980 signals temporary top is made n yields stronger retrace. to 1.3830.
Today, cable's intra-day break of 1.4117 at Asian open on broad-based buying in sterling to 1.4170 suggests recent uptrend would head to 1.4200/05, as hourly oscillators' readings would be in o/bot territory on such move, reckon 1.4246 should hold. Only below 1.4055 signals temp. top is made, 1.3980 later.
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