Daily GBP/USD technical outlook
Last Update At 28 Oct 2021 00:58GMT.
Trend daily chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.3743
55 HR EMA
1.3755
Trend hourly chart
Near term down
Hourly Indicators
Turning down
13 HR RSI
42
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias.
Resistance
1.3815 - Last Fri's high.
1.3781 - Wed's high.
1.3759 - Wed's NY high.
Support
1.3709 - Wed's low.
1.3668 - Oct 15 low.
1.3637 - Oct 12 high (now sup).
GBP/USD - 1.3725.. Cable traded sideways in Asia on Wed n met renewed selling in Europe at 1.0781, price tumbled to 1.3711 at NY open b4 staging a rebound to 1.3754 n then hit session lows of 1.3709 but then rose to 1.3759.
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 1.3834 last week suggests low is made, a daily close abv 1.3834 would head twd 1.3930 (61.8% r).
Today, Wed's break of 1.3736 sup to an 11-day low of 1.3709 confirms upmove fm Sep's 1.3412 bottom has made a top at 1.3834 last week n downside bias remains for retrace. twd 1.3668, 'bullish convergences' on hourly indicators would keep price abv 1.3637. Abv 1.3781 signals low, risks 1.3815, abv, 1.3834.
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