WEEKLY GBP/USD TECHNICAL OUTLOOK
Last Update At 17 Jul 2017 00:06GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
Resumption of recent uptrend
1.3247 - 61.8% proj. of 1.1983-1.3048 fm 1.2589
1.3169 - 80.9% proj. of 1.2589-1.3030 fm 1.2812
1.3121 - 50% proj. of 1.1983-1.3048 fm
1.25891.3048 - May 18 high (now res)
1.3000 - Hourly chart
1.2955 - Last Thur's high (now sup)
. GBP/USD - 1.3110.. Although cable remains on the back foot initially last week n fell to a 2-week low of 1.2812 on Wed, price rallied strongly on Fri due to broad-based buying in sterling n climbed to a 10-month peak of 1.3114.
. Let's look at the bigger picture 1st, despite cable's 'flash crash' to 2016 31-year bottom of 1.1491 in Oct 2016, subsequent rally to 1.3048 in May suggests a major low is made. Last Fri's rally to 1.3114 confirms said MT upmove has finally resumed n would head to 1.3187 next, then 1.3256 (50% r of 1.5022- 1.1491) later this week, however, as hourly n daily oscillators' readings would be in o/bot territory on such move, reckon res 1.3445 should cap upside. There- fore, buying cable on dips again on dips is recommended n only a daily close below 1.3000 would be the 1st signal temporary top is in place, then risk would shift to the downside for stronger retracement twd 1.2812 later this month.
. Today, cable's close at the day's high on Fri should keep price firm n yield further headway to 1.3150/60 would be seen after consolidation, o/bot read ings on the hourly oscillators would prevent strg gain n reckon 1.3100 would cap upside. Only below 1.3030 (Jun high) signals temp. top is made, risks 1.3000.
Interested in GBP/USD technicals? Check out the key levels
- R3 1.3135
- R2 1.3125
- R1 1.3117
- PP 1.3107
- S1 1.3100
- S2 1.3089
- S3 1.3082
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