Daily technical outlook
Last Update At 05 May 2021 01:25GMT
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.3885
55 HR EMA
1.3883
Trend hourly chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
57
14 HR DMI
+ve
Daily analysis
Choppy consolidation to continue.
Resistance
1.4009 - Apr's high (20th).
1.3976 - Last Thur's high.
1.3931 - Mon's high.
Support
1.3839 - Tue's low.
1.3801 - Mon's low.
1.3770 - 70.7% r of 1.3670-1.4009.
GBP/USD - 1.3897.. Cable met renewed selling at 1.3914 in Aust. n fell to 1.3852 in European open. Price then ratcheted lower to 1.3839 at NY open on USD's strength b4 staging a strong rebound to 1.3997 in cross-buying in sterling.
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, cable's rise abv prev. Apr's 1.3919 high to 1.4009 n then retreat to 1.3803 last week suggests volatile consolidation is in store. Only abv 1.4009 may head back twd 1.4182 b4 prospect of correction.
Today, although Mon's rally fm 1.3801 to 1.3931 suggests decline fm Apr's 1.4009 peak has made a temp. low, subsequent retreat to 1.3839, then rebound to 1.3897 y'day would bring choppy sideways swings b4 prospect of another fall. Below 1.3839, 1.3801/06 n only abv 1.3931 risks 1.3958, 1.3976.
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