WEEKLY GBP/USD TECHNICAL OUTLOOK
Last Update At 21 Jul 2019 22:42GMT
Trend Daily Chart
Down
Daily Indicators
Bullish divergences
21 HR EMA
1.2510
55 HR EMA
1.2500
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
18
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.2580 - Jul 12 high
1.2558 - Last week's high (Thur)
1.2545 - Last Fri's European high
Support
1.2479 - Last Fri's low
1.2456 - Last Wed's high (now sup)
1.2425 - Hourly chart
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GBP/USD - 1.2505.. Sterling continued irs recent losing streak last week, price met renewed selling at 1.2579 Mon n tumbled to a 27-month trough of 1.2382 Wed on no-deal Brexit worries b4 rallying to 1.2558 Thur due to usd's weakness.
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On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 due to a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr con- firms major low has been made. Sterling's fall to a 20-month bottom of 1.2412 at the start of Jan suggests downside bias remains. Despite erratic rise to 1.3383 in Mar, cable break of Jun's 1.2507 low to a 27-month trough at 1.2382 last week confirms said fall fm 1.4377 would head to 1.2337 (70.7% r of 1.1491-1.4377) but 'bullish convergences' on daily indicators would keep price abv 1.2340. On the upside, a daily close bv 1.2580 suggests temporary low is in place n risks stronger retracement to 1.2662, then 1.2735 in Aug.
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Today, cable's rally fm 1.2382 to 1.2558 last week suggests recent down-trend has made a temporary low, however, Fri's weakness to 1.2479 (NY) signals 1st leg of correction over n may head twd 1.2449 (61.8% r fm 1.2382) b4 rebound. Only abv 1.2558 risks one more rise to 1.2580 b4 prospect of retreat.
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