Daily GBP/USD Technical Outlook
Last Update At 25 Mar 2021 00:55GMT
Trend daily chart
Down
Daily Indicators
Turning down
21 HR EMA
1.3707
55 HR EMA
1.3752
Trend hourly chart
Down
Hourly Indicators
Turning up
13 HR RSI
39
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias
Resistance
1.3809 - Last Tue's low (now res).
1.3752 - Tue's European low (now res).
1.3733 - Wed's European high.
Support
1.3675 - Wed's 6-week low.
1.3643 - 38.2% r of 1.2676-1.4241.
1.3610 - Jan 26 low.
GBP/USD - 1.3694.. Cable went through a roller-coaster ride. Although price extended recent decline fm fell to a 6-week 1.3675 low at European open on usd's strength, the pair rebounded to 1.3733 but retreated to 1.3680 nr NY close.
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. Although cable rallied strongly to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a 34-month peak at 1.4241 in late Feb, subsequent fall to 1.3675 Wed signals top is made n stronger retracement to 1.3636, then twd 1.3566 is envisaged. Only abv 1.4017 signals 1st leg of correction over, risks 1.4120/30.
Today, although cable's rebound fm 1.3675 suggests decline fm Feb's peak at 1.4241 has made a temp. low, as 1.3733 has capped recovery, consolidation with downside bias remains for weakness to 1.3645/50, 'bullish convergences' on hourly indicators should keep price abv 1.3610/20. Abv 1.3735/40, 1.3773.
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
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.