Daily Technical Outlook on Major - GBP/USD

   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.