Weekly GBP/USD technical outlook
Last Update At 26 Sep 2022 00:04GMT.
Trend daily chart
Down
Daily Indicators
Falling
21 HR EMA
1.1027
55 HR EMA
1.1163
Trend hourly chart
Down
Hourly Indicators
Oversold
13 HR RSI
19
14 HR DMI
-ve
Daily analysis
Resumption of downtrend.
Resistance
1.1021 - Last Fri's European morning low (now res).
1.0939 - Hourly chart.
1.0904 - Hourly chart.
Support
1.0840 - Last Fri's fresh 37-year low.
1.0788 - 1.618 times ext. of 1.2100-1.1020 fm 1.1095.
1.0715 - 2 times ext. of 1.2100-1.1020 fm 1.1095.
GBP/USD - 1.0851.. Cable continued its recent losing streak last week, price met renewed selling at 1.1461 (Tue) n tumbled to 1.1213 on Thur. Sterling had a free fall to 1.0840 (NY) Fri due to market woes on UK's mini budget.
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, rally to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a 3-year peak of 1.4250 in May 2021 suggests low is in place. Having said that, cable's subsequent sharp fall on market's negative outlook on UK's economy to 1.1761 in July this year n then last week's breach of 1.1412 to as low at 1.0840 would pressure price to 1.0500, o/sold readings on daily indicators should keep price above psychological 1.0000 parity handle. Only abv 1.1213 risks 1.1406.
Today, Fri's spectacular decline to 1.0840 should pressure price to 1.0788, however, o/sold readings on hourly indicators would keep price abv 1.0715 n bring a much-needed minor correction. On the upside, only a daily close abv 1.1000 signals temp. low is made, risks 1.1096 later this week.
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