Daily Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 14 Mar 2018 00:56GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.3947

55 HR EMA
1.3912

Trend Hourly Chart
Up

Hourly Indicators
Rising

13 HR RSI
69

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
1.7070 - Feb 26
1.4029 - 50% r of 1.4346-1.3712
1.3997 - Feb 27 high

Support
1.3917 - Mon's high (now sup)
1.3875 - Y'day's low
1.3841 - Mon's low

. GBP/USD - 1.3972.. Although the British pound remained under pressure in Asia n retreated to 1.3875, price erased intra-day losses n rallied to 2-week high of 1.3994 on dlr's weakness after firing of U.S. Sec. of State by Trump.

. On 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 2017) confirms major trough has been made. Despite rally in Jan after penetrating said res to an 18-month peak at 1.4346, subsequent decline to 1.3765 in early part of Feb n then last Wed's break of this key sup to 1.3712 (Thur) confirms top is in place as this lvl was also accompanied by 'bearish divergences' on daily indicators n downside bias remains for a stronger correction of aforesaid uptrend fm 1.1491 twds 1.3587 (50% r, 1.3027-1.4346) this month. On the upside, only abv 1.4070 signals low is in place n risks stronger gain to 1.4145 in Apr.

. Today, y'day's rally abv prev. Mar's high at 1.3930 confirms the recent upmove fm 1.3712 has resumed n gain twds 1.4029 (50% r of 1.4346-1.3712) would be seen, as hourly indicators would display minor 'bearish divergences' on such move, res at 1.4070 shud hold. Only below 1.3930 signals top is made,risks 1.3875

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.4134
2. R2 1.4065
3. R1 1.4013
PP 1.3944
1. S1 1.3893
2. S2 1.3823
3. S3 1.3772

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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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