Daily Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 25 Jun 2019 00:21GMT

Trend Daily Chart
Down

Daily Indicators
Bullish divergences

21 HR EMA
1.2736

55 HR EMA
1.2719

Trend Hourly Chart
Sideways

Hourly Indicators
Bearish divergences

13 HR RSI
54

14 HR DMI

+ve
Daily Analysis
Consolidation b4 one more rise

Resistance
1.2815 - May 21 high
1.2792 - 80.9% proj. of 1.2543-1.2727 fm 1.2643
1.2766 - Y'day's 4-week high

Support
1.2708 - Mon's low
1.2690 - Prev. hourly res (now sup)
1.2643 - Last Fri's low

GBP/USD - 1.2741... Although cable continued Fri's ascent n briefly penetrated previous Jun's 1.2763 high to 1.2766 at European open y'day, profit taking knocked price down to 1.2708 in NY morning b4 rebounding on usd's weakness.
On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 due to a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Sterling's fall to a 20-month bottom of 1.2412 at the start of Jan suggests downside bias remains. Despite erratic rise to 1.3383 in Mar, cable break of prev. May's 1.2605 low to 1.2559 in May suggests re-test of 1.2412 would be seen, break needed to extend said fall fm 1.4377 to 1.2337 (70.7% r of 1.1491-1.4377) but 1.2340 should hold. Having said that, last week's rise fm a 5-1/2 month low at 1.2507 to 1.2766 y'day signals temporary bottom is made n abv 1.2815 may head twd 1.2945 (50% r of 1.3383-1.2507).
Today, cable's rally fm last Tue's trough at 1.2507 to 1.2766 y'day confirms recent decline has made a temp. low n stronger retracement to 1.2790 is likely, however, 'bearish divergences on hourly indicators should cap price at 1.2815. Only below 1.2690/00 signals temporary top is made, risks 1.2643/48.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.283
2. R2 1.2799
3. R1 1.277
PP 1.2739
1. S1 1.271
2. S2 1.2679
3. S3 1.265

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.

GBP/USD remains slightly bid near 1.3300

GBP/USD now advances marginally and manages to dispute the 1.3300 region on Tuesday. Indeed, Cable regains some balance on the back of the lacklustre performance of the Greenback, all preceding the Fed’s meeting on Wednesday and the BoE’s gathering on Thursday.

EUR/USD recedes from tops, back below 1.1400

EUR/USD manages to set aside part of the recent weakness and clinches decent gains on Tuesday. Indeed, spot keeps the trade below the 1.1400 mark amid acceptable losses in the US Dollar, all following rising optimism of a US-Iran deal and steady caution prior to the FOMC gathering on Wednesday.

Gold bounces on poor US data

Gold remains under marked downside pressure on Tuesday, although the $4,000 zone per troy ounce emerges as a decent support for now. The precious metal’s pullback comes despite the modest losses in the US Dollar in a context of easing geopolitical tensions ahead of the key Fed event on Wednesday.

XRP falls toward $1.00 despite dwindling exchange reserves

Ripple (XRP) continues to trade under increasing pressure on Tuesday. This marks the second consecutive day of declines, reflecting broader risk-off sentiment as investors appear to shift gears in anticipation of the Federal Reserve (Fed) interest rate decision. On Wednesday, the Federal Open Market Committee (FOMC) is widely expected to leave interest rates unchanged in the 3.50%-3.75% range.

Warning signs in the stock market: Is this the top, or just a very short fuse?

Overnight, South Korea's Kospi fell more than 10%, SK Hynix lost close to 15% and Samsung Electronics lost 13%. Into that, Dow Jones Industrial Average futures traded up around 1% on paint and soft drinks, and S&P 500 futures sat roughly flat. An index that absorbs a memory-chip panic and prints nothing is not a calm market.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.