Daily GBP/USD technical outlook
Last Update At 21 Oct 2021 00:39GMT.
Trend daily chart
Sideways
Daily Indicators
Up
21 HR EMA
1.3810
55 HR EMA
1.3789
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
60
14 HR DMI
+ve
Daily analysis
Consolidation b4 one more rise.
Resistance
1.3913 - Sep high (14th).
1.3853 - Sep 15 high.
1.3834 - Tue's 1-month high.
Support
1.3788 - Wed's Asian low.
1.3743 - Wed's low.
1.3710 - Mon's low.
GBP/USD - 1.3822.. Trading cable proved to be tricky in Wed's roller- coaster session. Although selling interest at 1.3814 in Asia knocked price to 1.3743 after soft UK inflation data, sterling later rallied to 1.3834 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. Although price tumbled to a 9-month trough of 1.3412 in late Sep, subsequent rally to as high as 1.3834y'day suggest low is made, a daily close abv 1.3834 would head twd 1.3930 (61.8% r).
Today, Wed's rebound from 1.3743 to 1.3834 due to renewed usd's weakness on risk sentiment suggests recent rise from 1.3412 would head to 1.3885/95, 'bearish divergences' on hourly indicators should cap price below Sep's 1.3913 peak. A firm break of 1.3773 signals top is made, yields 1.3743, then 1.3710.
-637703994692372346.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: A tough barrier remains around 0.6800
AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by50 bps.
EUR/USD still targets the 2024 peaks around 1.1200
EUR/USD added to Tuesday’s losses after the post-FOMC rebound in the US Dollar prompted the pair to give away earlier gains to three-week highs in the 1.1185-1.1190 band.
Gold surrenders gains and drops to weekly lows near $2,550
Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.
Ethereum could rally to $2,817 following Fed's 50 bps rate cut
Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.
UK CPI set to grow at stable 2.2% in August ahead of BoE meeting
The United Kingdom Office for National Statistics will release August Consumer Price Index figures on Wednesday. Inflation, as measured by the CPI, is one of the main factors on which the Bank of England bases its monetary policy decision, meaning the data is considered a major mover of the Pound Sterling.
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.