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Weekly technical and trading outlook – GBP/USD

AceTrader Team AceTrader

Weekly GBP/USD technical outlook

Last Update At 13 Dec 2021 00:05GMT.

Trend daily chart

Down

Daily Indicators

Falling

21 HR EMA

1.3241

55 HR EMA

1.3230

Trend hourly chart

Near term up

Hourly Indicators

Getting o/bot

13 HR RSI

14 HR DMI

+ve

Daily analysis

Marginal rise b4 retreat.

Resistance

1.3352 - Dec's high (01).
1.3311 - Nov 03 high.
1.3289 - Last Tue's Asian morning high.

Support

1.3233 - Last Fri's Asian high (now sup).
1.3188 - Last Fri's low.
1.3162 - Last Wed's near 1-year low.

GBP/USD - 1.3260.. Sterling also went through a roller-coaster ride in tandem with Euro last week. Price initially recovered to 1.1289 (Tue) b4 ratcheting lower to a near 1-year trough of 1.3162 Wed n rebounded to 1.3276 on 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, price 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 suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, a selloff to as low as 1.3412 in Sep confirms long-awaited correction has occurred n would head to 1.3000 but o/sold readings on daily indicators should keep price abv 1.2831. Only weekly close abv 1.3409 signals temporary low is made, risks stronger retracement twd 1.3514.

Today, cable's strong rebound FM 1.3162 to 1.3176 signals downtrend FM 2021 peak at 1.4250 (May) has made temp. low, as hourly oscillators' readings would be in o/bot territory on next rise, reckon 1.3311 would cap upside n yield decline later. Below 1.3233 signals top made n heads twd 1.3188. Abv 1.3311, 1.3340/50.

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.

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