Daily GBP/USD technical outlook
Last Update At 11 Jun 2021 00:44GMT
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
1.4152
55 HR EMA
1.4144
Trend hourly chart
Near term up
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+ve
Daily analysis
Consolidation with upside bias.
Resistance
1.4250 - Last Tue's 3-year high.
1.4218 - May 27 n 31 high.
1.4202 - Last Thur's high.
Support
1.4142 - Hourly chart sup.
1.4110 - Wed's low.
1.4083 - Last Fri's low.
GBP/USD - 1.4171.. Although the British pound extended its recent losing streak to a 3-1/2 week low of 1.4074 on post-Brexit trade deal concerns Thur, the price erased its losses n rallied to 1.4178 in NY on broad-based 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, price 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 suggests a major low is made. Last week's marginal gain to a 3-year peak of 1.4250 signals said up move has resumed n as long as 1.4006 holds, price would head to 1.4308, 'bearish divergences' on daily indicators would cap cable below 1.4500. A daily close below 1.4006 signals temp. the top has been made n risks stronger retracement to 1.3801 in late Jun/Jul.
Today, Thur's impressive rally fm 1.4074 to 1.4178 on active cross buying in sterling n USD's weakness on selloff in US yields suggests pullback FM 1.4250 has possibly ended, a daily close abv 1.4202 would add credence to this view n bring re-test of 1.4250 next week. Only below 1.4110 risks 1.4083, 1.4074.
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