WEEKLY GBP/USD TECHNICAL OUTLOOK
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.2558
55 HR EMA
1.2562
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
52
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.2649 - Last Wed's high
1.2625 -Last Thur's high
1.2597 - Hourly res
Support
1.2512 - Last Fri's low
1.2480 - Last week's low (Tue)
1.2439 - Jul 30 low
GBP/USD - 1.2563... Cable met renewed selling interest at 1.2666 at the start of last week n tumbled to 1.2480 the following day, price rebounded to 1.26 49 on Wed n then ratcheted lower to 1.2512 Fri b4 recovering to 1.2574 in NY.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following almost free fall in global stocks, sterling strg rebound to as high as 1.2648 (Apr) on broad-based usd's weakness suggests low has been made. Although price fell to 1.2075 in May, price climbed to a near 3-month peak of 1.2812 in Jun. Although selloff to 1.2252 in late Jun signals MT uptrend fm 1.1412 has made a top, last week's strg gain to 1.2669 (Thur) suggests pullback has ended n as price has rebounded after y'day's selloff to 1.2480, upside bias remains for 1.2812 later this month. Only below 1.2480 risks 1.2439.
Today, cable's early rise fm Jun's 1.2252 low to 1.2669 in Jul suggests correction fm 1.2812 has ended, however, subsequent daily wild swings should bring further choppy trading, as long as 1.2649 holds, downside bias remains but below 1.2480 needed to head twd 1.2439. Abv 1.2649 would yield re-test of 1.2669.
-637308282699253537.png)
Interested in GBP/USD technicals? Check out the key levels
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 consolidates gains below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery below 1.0700 in the European session on Thursday. The US Dollar holds its corrective decline amid improving market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD clings to moderate gains above 1.2450 on US Dollar weakness
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold price shines amid fears of fresh escalation in Middle East tensions
Gold price rebounds to $2,380 in Thursday’s European session after posting losses on Wednesday. The precious metal holds gains amid fears that Middle East tensions could worsen and spread beyond Gaza if Israel responds brutally to Iran.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.