Daily Technical Outlook on Major -GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 08 May 2018 00:47GMT

Trend Daily Chart
Down

Daily Indicators
Oversold

21 HR EMA
1.3556

55 HR EMA
1.3562

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
60

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.3667 - Last Wed's high
1.3630 - Last Thur's high
1.3586 - Last Fri's high

Support
1.3515 - Y'day's low
1.3487 - Fri's low
1.3458 - 2018 low (Jan 11)

GBP/USD - 1.3568.. Cable gained respite in choppy trading on Mon after having fallen for 5 straight days to a 3-1/2 month low at 1.3487 last Fri. Price rose to 1.3565 in Asia b4 retreating to 1.3515 at NY open n later rose to 1.3575.
Looking at the bigger picture, cable's strg ascent fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 2017) con- firms major low has been made. Despite rally in Jan after penetrating said res to 1.4346, then to post-Brexit fresh 21-month peak at 1.4377, subsequent selloff to 1.3747 Apr, then last week's break of Mar's low at 1.3712 to a 3-1/2 month bottom of 1.3487 Fri signals top has been made there n downside bias remains for weakness then 1.3458 (2018 low in Jan), oversold readings on daily indicators should keep price abv 1.3300 (Dec 2017 low) this week. Therefore, selling cable on recovery is the way to go n only a daily close abv 1.3667 risks 1.3808.
Today, cable's choppy sideways swings on Mon n subsequent rebound fm 1.35 15 suggests further consolidation abv 1.3487 bottom would continue n as long as 1.3515 holds, upside bias remains for gain to 1.3586, break would encourage for stronger retrace. to 1.3630. Only below 1.3487 risks 1.3458 b4 correction occurs.

Author

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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