fxsoriginal  Daily GBP/USD technical outlook

Last Update At 23 Apr 2021 01:12GMT

Trend daily chart

Sideways

Daily Indicators

Rising

21 HR EMA

1.3863

55 HR EMA

1.3892

Trend hourly chart

Down

Hourly Indicators

Easing fm o/sold

13 HR RSI

31

14 HR DMI

-ve

Daily analysis

Consolidation with downside bias.

Resistance

1.3949 - Wed's high.
1.3886 - Wed's low (now res).
1.3858 - Hourly res.

Support

1.3825 - Thur's low.
1.3809 - Apr 14 n 15 high (now sup).
1.3765 - 1.5 times extension of 1.4009-1.3886 fm 1.3949.

GBP/USD - 1.3846. Although cable re-tested Wed's 1.3949 high in Asia, price met renewed selling n later tumbled to 1.3825 in NY on cross-selling in sterling as well as renewed USD's strength b4 moving sideways.

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. Although cable rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb, subsequent fall to 1.36 70 in Apr signals top is made n stronger retracement to 1.3566 would be seen. Having said that, Mon's rise abv prev. Apr's 1.3919 high suggests temporary low is in place n consolidation with upside bias remains for gain to 1.4074 (70.7% r) b4 prospect of pullback. Only below 1.3810 risks weakness to 1.3720/30.

Today, as y'day's selloff fm 1.3949 to 1.3825 suggests recent upmove fm Apr's 1.3670 low has made a temp. top at Tue's 7-week peak of 1.4009 n weakness to 1.3760/65 would be seen after consolidation, however, oversold readings on hourly oscillators should keep price abv 1.3717. Abv 1.3886 risks 1.3915/20.

GBPUSD

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