Daily GBP/USD technical outlook
Last Update At 21 Sep 2021 00:17GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.3675
55 HR EMA
1.3617
Trend hourly chart
Down
Hourly Indicators
Rising fm o/sold
13 HR RSI
41
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias.
Resistance
1.3765 - Last Thur's low (now res).
1.3727 - Aug 08 low (now res).
1.3701 - Mon's Asian sup (now res).
Support
1.3647 - Mon's low.
1.3602 - Aug's low (20th).
1.3573 - Jul's low (20th).
GBP/USD - 1.3661.. Despite opening higher to 1.3753 in NZ on Mon, the pound retreated to 1.3701 in Asia. Intra-day decline accelerated in Europe on risk-off trade together with cross-selling in stg n tumbled to 1.3740 in NY.
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 last Tue suggests choppy trading abv 1.3573 would continue, abv 1.3913, 1.3983. Below 1.3602, 1.3573.
Today, cable's selloff to 1.3640 signals early rise fm Aug's 1.3602 low has ended at 1.3913 last Tue n re-test of this lvl is envisaged, bullish convergences on hourly oscillators would keep price abv 1.3573. Only a daily close abv 1.3727 dampens daily bearishness n risks stronger retracement gain twd 1.3765.
-637678094205284322.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
AUD/USD tumbles toward 0.6350 as Middle East war fears mount
AUD/USD has come under intense selling pressure and slides toward 0.6350, as risk-aversion intensifies following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY breaches 154.00 as sell-off intensifies on Israel-Iran escalation
USD/JPY is trading below 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price jumps above $2,400 as MidEast escalation sparks flight to safety
Gold price has caught a fresh bid wave, jumping beyond $2,400 after Israel's retaliatory strikes on Iran sparked a global flight to safety mode and rushed flows into the ultimate safe-haven Gold. Risk assets are taking a big hit, as risk-aversion creeps into Asian trading on Friday.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.