Daily Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 14 Feb 2018 00:30GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
1.3877

55 HR EMA
1.3869

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.4015 - Hourly chart
1.3987 - Last Fri's high
1.3925 - Y'day's high

Support
1.3832 - Y'day's low
1.3797 - Mon's low
1.3765 - Last Fri's 3-week low

GBP/USD - 1.38 .. Cable traded with a firm bias in Asia y'day n briefly rallied to 1.3925 in Europe after UK inflation beat estimate. However, price retreated to 1.3850 at NY open b4 recovering to 1.3903.
Looking at the bigger picture 1st, cable's major ascent fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 20 17) confirms major trough has been made n the rally in Jan after penetrating said res signals price is en route to 1.4443, being 1.236 times extension of 1.3458-1.3942 measured fm 1.3805. Having said that, cable's break of prev. sup at 1.3980 to 1.3765 on Tue confirms decline fm 1.4346 has resumed n would head twds 1.3687 (50% r of intermediate rise fm 1.3027-1.4346), however, a weekly close below 1.3659 (2017 high, now sup) needed to extend to 1.3558 (100% proj. of 1.4346-1.3837 fm 1.4067). Only abv 1.4067 signals temp. low, 1.4151.
Today, as Tue's gain to 1.3925 suggests recent decline has made a temp. low at 1.3765, subsequent retreat would bring choppy trading b4 prospect of ano- ther rise. Abv 1.3925 would encourage for gain twd 1.3987 (38.2% r of 1.4346-1.37 65, o/bot readings on hourly indicators should cap price at 1.4015.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.4026
2. R2 1.3976
3. R1 1.3931
PP 1.3881
1. S1 1.3836
2. S2 1.3786
3. S3 1.3741

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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