Daily Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 30 Aug 2018 00:57GMT

Trend Daily Chart
Sideways

Daily Indicators
Bullish convergences

21 HR EMA
1.2973

55 HR EMA
1.2924

Trend Hourly Chart
Up

Hourly Indicators
Easing fm o/bot

13 HR RSI
77

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
1.3129 - Aug 02 European high
1.3082 - Jul 27 low (now res)
1.3043 - Aug 03 high

Support
1.3000 - Psychological sup
1.2974 - Hourly chart
1.2936 - Last Wed's high (now sup)

. GBP/USD - 1.3027.. Although cable dropped to 1.2846 in tandem with euro on weakness in Try, price rebounded to 1.2902 in Europe n later jumped fm 1.2865 to 1.3033 in NY due to market optimism of a Brexut deal after EU Barnier's remarks.

. On the bigger picture 1st, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 2017) confirms major low has been made. Despite rally in Jan to post-Brexit fresh 21-month peak at 1.4377 (Feb), subsequent selloff to last Wed's 13-1/2 mth low at 1.2662 signals top has been made. Having said that, cable's rally to 1.2936 last Wed, then to 1.3033 y'day suggests low has been made n consolidation with upside bias remains for stronger retracement to 1.3082, then twd 1.3213 next month. On the downside, only a daily close below 1.2936 (prev. top, now sup) indicates 1st leg of correct ion over n risks stronger retracement to 1.2846 but reckon 1.2800 would hold.

. Today, y'day's rally abv last week's high at 1.2936 signals early upmove fm Aug's trough at 1.2662 has finally resumed n further gain twd 1.3082 is seen after consolidation, o/bot readings on hourly oscillators would prevent strg gain n reckon 1.3100 would hold. Only below 1.2970 signals top n risks 1.2936.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3281
2. R2 1.3158
3. R1 1.3092
PP 1.2969
1. S1 1.2903
2. S2 1.278
3. S3 1.2714

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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