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.
-637589942443109465.png)
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 consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.