Last Update At 11 Jun 2021 00:44GMT
Trend daily chart
21 HR EMA
55 HR EMA
Trend hourly chart
Near term up
13 HR RSI
14 HR DMI
Consolidation with upside bias.
1.4250 - Last Tue's 3-year high.
1.4218 - May 27 n 31 high.
1.4202 - Last Thur's high.
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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