DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 30 Jul 2019 00:34GMT
Trend Daily Chart
Down
Daily Indicators
Bullish divergences
21 HR EMA
1.2263
55 HR EMA
1.2235
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
21
14 HR DMI
-ve
Daily Analysis
Resumption of recent decline
Resistance
1.2377 - Last Fri's low (now res)
1.2342 - Y'day's hourly res
1.2270 - Y'day's hourly res
Support
1.2213 - Y'day's low
1.2156 - Equal. of 1.2784-1.2382 fm 1.2558
1.2110 - Mar 14 2017 low
-
GBP/USD - 1.2215.. Cable resumed its recent losing streak on continued market fears of a no-deal Brexit n tumbled below Fri's 27-month trough at 1.2377 to as low as 1.2213 in NY on broad-based selloff in streling before stabilising.
-
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 con- firms 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 Jun's 1.2507 low to a 28-month trough at 1.2213 on Mon suggests said fall fm 1.4377 would head twd 1.2110 but oversold readings on daily indicators may keep price abv 1.1983 (2017 low in Jan). On the upside, only a daily close bv 1.2588 suggests temporary low made n may risk stronger correction to 1.2662, then 1.2735 in Aug.
-
Today, y'day's selloff to a 28-month trough at 1.2213 signals MT decline remains in force n would head to 1.2170/80, as hourly oscillators are in o/sold territory, reckon price would hold well abv 1.2110 n yield a much-needed correct- ion. Only abv 1.2377/82 signals temporary low is in place.
-637000707991841628.png)
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.