Weekly Technical Outlook on Major - GBP/USD

AceTrader Team AceTrader

WEEKLY GBP/USD TECHNICAL OUTLOOK
Last Update At 11 Jun 2018 00:09GMT

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
1.3409

55 HR EMA
1.3408

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
51

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.3569 - May 17 high
1.3492 - May 22 top
1.3472 - Last Thur's high

Support
1.3355 - Last Fri's low
1.3333 - Last Tue's NY low
1.3307 - 61.8% r of 1.3205-1.3472

GBP/USD - 1.3411.. The British pound found renewed buying at 1.3295 on Mon n rose in tandem with euro to as high as 1.3472 Thur, however, price pared its gains n retreated to 1.3355 Fri due partly to renewed Brexit concerns.
Looking at the bigger picture, cable's strg ascent fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 2017) con- firms major low has been made. Despite rally in Jan after penetrating said res to post-Brexit fresh 21-month peak at 1.4377 in Feb, subsequent selloff to 1.3452 in mid-May, then last week's fall to a 6-month trough at 1.3205 signals a top has been made n weakness to 1.3180 (50% r of 1.1983-1.4377) is expected. Having said that, cable's subsequent rally to 1.3472 last Thur suggests said decline has made a temporary low there n consolidation with upside bias would be seen for gain twd 1.3492, however, reckon res 1.3569 would remain intact, yield retreat.
Today, cable's erratic fall fm 1.3472 (Thur) to 1.3355 on Fri confirms recent corrective rise fm 1.3205 has made a temp. top, subsequent rebound fm 1.34 18 in NY Fri suggests range trading is in store b4 another decline but 1.3295/00 would contain weakness. Only abv 1.3453 risks re-test of 1.3472, then 1.3490/00.

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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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