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.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.