fxsoriginal  Daily GBP/USD technical outlook

Last Update At 15 Sep 2021 00:42GMT.

Trend daily chart

Sideways

Daily Indicators

Rising

21 HR EMA

1.3831

55 HR EMA

1.3836

Trend hourly chart

Near term down

Hourly Indicators

Oversold

13 HR RSI

36

14 HR DMI

-ve

Daily analysis

Consolidation with downside bias.

Resistance

1.3913 - Tue's 1-month high.
1.3891 - Prev. Sep high (3rd).
1.3830 - Tue's Asian low (now res).

Support

1.3804 - Tue's low.
1.3754 - Last Thur's low.
1.3727 - Sep 08 low.

GBP/USD - 1.3807.. The pound moved narrowly in Asia n caught a bid at European open, price rose fm 1.3830 to 1.3882 n briefly jumped to 1.3913 after soft US CPI but only to tumble to 1.3804 on cross-selling 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, 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. Despite hit- ting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3753 in Jul con- firms long-awaited correction has occurred. Cable's rally to 1.3983 (Jul), then back down to 1.3602 in Aug n subsequent rally to 1.3913 Tue suggests choppy trading abv 1.3573 would continue n may head twd 1.3983, abv, 1.4040/50.

Today, as Tue's 1-month peak at 1.3913 was accompanied with bearish diver gences on hourly indicators, subsequent selloff to 1.3804 signals upmove fm 1.36 02 (Aug) has formed a top n would head to 1.3750 but o/sold readings on hourly oscillators would keep price abv 1.3721 (61.8% r). Abv 1.3856 risks 1.3888/91.

GBPUSD

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