DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 15 Oct 2019 02:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.2595
55 HR EMA
1.2545
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.2735 - Jun 28 high
1.2708 - Last Fri's 3-month high
1.2650 - Y'day's high
Support
1.2551 - Y'day's hourly sup
1.2517 - Y'day's low
1.2469 - Last Thur's high (now sup)
GBP/USD - 1.2614..Although cable fell fm 1.2645 in NZ to session lows at 1.2517 on Brexit concerns, price rallied to an intra-day high at 1.2650 in Europe b4 retreating to 1.2536 but rebounded to 1.2607 on renewed Brexit hopes.
On the bigger picture, despite a flash crash to 2016 31-year bottom at 1.1491 on Brexit worries, cable rally to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite sterling's sharp fall to 1.2412 at the start of Jan, then to a 34-month bottom of 1.1959 in Sep, subsequent rally to 1.2582 in Sep on easing of market fear of a no-deal Brexit, then last week's impressive rise to 1.2708 suggests choppy trading abv 1.1491 would continue with upside bias for gain to 1.2883 (38.2% r of 1.4377-1.1959), 'bearish divergences' divergences' on daily indicators should cap price at 1.3000. On the downside, a daily close below 1.2500 signals temp. top made n would head back to 1.2409/13.
Today, despite y'day's selloff to 1.2517, subsequent rally to 1.2650 suggests correction fm Fri's 3-month high at 1.2708 has ended there n re-test of said res would be seen after consolidation, break needed to extend twd 1.2735. Only below 1.2517 would revive bearishness for stronger retrace. to 1.2469.
-637067240201733492.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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.