DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 13 Feb 2019 00:16GMT
Trend Daily Chart
Up
Daily Indicators
Easing fm o/bot
21 HR EMA
1.2884
55 HR EMA
1.2893
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.2997 - Last Thur's high
1.2955 - Y'day's high (NZ)
1.2909 - Y'day's high
Support
1.2854 - Last Thur's low
1.2833 - Y'day's low
1.2815 - 50% r of 1.2412-1.3218
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GBP/USD - 1.2891.. Cable traded sideways in Asia on Tue n then staged a brief bounce to 1.2885 in Europe but only to tumble to 1.2833 on Brexit concerns. However, short covering lifted price to 1.2909 in NY afternoon b4 easing.
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On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite subsequent selloff to 1.2662 (Aug) due to usd's strength, then weakness to a 20-month bottom of 1.2412 at the start of Dec and then gain to as high as 1.3218 in Jan due to Brexit optimism suggests said MT fall has ended. Having said that, subsequent selloff signals upmove fm 1.3412 has made a temporary top there instead n stronger retracement to 1.2815 (50% r) n possibly 1.2720 (61.8% r) would be seen. Only abv 1.3160 wud indicate pullback has ended instead n risk stronger gain twds 1.3200 later this month.
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Today, cable's rebound after hitting a near 3-week trough at 1.2833 con firms recent fall fm Jan's 1.3218 peak has once again resumed, subsequent bounce n 'bullish convergences' on hourly indicators would bring consolidation b4 down but 1.2772 would hold. Only abv 1.2955 risks stronger retracement to 1.2997.
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