Daily Technical Outlook on Major - GBPUSD

AceTrader Team AceTrader

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

Trend Daily Chart
Sideways

Daily Indicators
Bullish convergences

21 HR EMA
1.3089

55 HR EMA
1.3057

Trend Hourly Chart
Up

Hourly Indicators
Rising

13 HR RSI
68

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
1.3213 - Jul 26 high
1.3173 - Jul 31 high
1.3124 - Y'day's high

Support
1.3026 - Y'day's low
1.2980 - Wed's low
1.2961 - Tue's low

GBP/USD - 1.3117.. Despite dropping to 1.3026 at European open, cable jumped at NY open on usd's weakness after soft U.S. CPI, then ratcheted higher to 1.3124 in NY on media report that EU n UK have made some key progress.
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 mid-Aug's 13-1/2 month low at 1.2662 signals top has been made. Having said that, cable's rally fm Sep's low at 1.2886 to 1.3088 Tue, then 1.3124 y'day signals upmove fm said Aug's low has resumed instead n stronger gain twds 1.3167/73, being natural 50% retrace. of fall fm 1.3472 to 1.2662 n Jul 31 high respectively, would be seen. On the downside, only below 1.22961 indicates said correction over n risks 1.2897 later.
Today, although y'day's rise abv Tue's high at 1.3088 signals recent upmove remains in progress n marginal gain is expected, as this high was accom- panied by minor bearish divergences on hourly indicators, res at 1.3213 should remain intact. Only below 1.3028 signals temporary top is made, risks 1.2980/90.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3244
2. R2 1.3184
3. R1 1.3146
PP 1.3086
1. S1 1.3048
2. S2 1.2988
3. S3 1.295

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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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