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.
-636642992288041431.png)
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.