Weekly GBP/USD technical outlook
Last Update At 19 Apr 2021 00:04GMT
Trend daily chart
Sideways.
Daily Indicators
Turning up.
21 HR EMA
1.3812.
55 HR EMA
1.3792.
Trend hourly chart
Up.
Hourly Indicators
Easing fm o/bot.
13 HR RSI
60.
14 HR DMI
+ve.
Daily analysis
One more rise b4 retreat.
Resistance
1.3919 - Apr high (06).
1.3890 - Arp 06 hourly sup (now res).
1.3866 - Apr 06 NY high.
Support
1.3809 - Last Wed's n Thur's high (now sup)
1.3768 - Last Fri's houlry res (now sup)
1.3717 - Last Fri's low
GBP/USD - 1.3828.. Although sterling re-tested previous week's 2-month 1.3670 low last Mon, price ratcheted higher to 1.3809 (Wed) on renewed usd's weakness due to falling US yields n later rallied to 1.3845 at NY close Fri.
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 2020 on safe-haven usd's demand following free fall in global stocks. Although cable rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb, subsequent fall to 1.36 70 in Apr signals top is made n stronger retracement to 1.3566 would be seen. Having said that, last week's strg bounce to 1.3845 (Fri) signals temp. low is in place n consolidation is in store, as long as Apr's 1.3919 high hold, downsdie bias remains. Only a daily close abv 1.3919 would risk gain twd 1.4017.
Today, cable's impressive rally fm 1.3717 to as high as 1.3845 Fri suggests near term upmove fm 1.3670 to retrace MT fall fm 1.4241 remains in force, o/bot readings on hourly indicators would limit gain to 1.3885/90 n reckon Apr peak at 1.4241 should hold. A daily close below 1.3791 signals top, 1.3717.
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