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Daily Technical Outlook on Major - GBP/USD

Written by AceTrader Team | 2018-03-09 07:47:09 GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.3836

55 HR EMA
1.3856

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
33

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.3930 - Tue's high
1.3873 - 61.8% r of 1.3930-1.3782
1.3846 - Wed's low (now res)

Support
1.3767 - Mon's low
1.3712 - Mar's low (1st)
1.3675 - 38.2% r of 1.2589-1.4346

  • GBP/USD - 1.3.3798.. Cable fell in tandem with euro in Europe y'day fm 1.3910 to session lows of 1.3853 in Europe n despite rebounding to 1.3898 in post -ECB NY morning, price later tumbled in tandem with euro to as low as 1.3782.

  • On the bigger picture 1st, cable's major ascent fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 2017) confirms major trough has been made. Despite rally in Jan after penetrating said res to an 18-month peak at 1.4346, subsequent decline to 1.3765 in early part of Feb n then last Wed's break of this key sup to 1.3712 (Thur) confirms top is in place as this lvl was also accompanied by 'bearish divergences' on daily indicators n downside bias remains for a stronger correction of aforesaid uptrend fm 1.1491 twds 1.3587 (50% r, 1.3027-1.4346) this month. On the upside, only abv 1.4070 signals low is in place n risks stronger gain to 1.4145.

  • Today, cable's euro-led selloff in NY to 1.3782 suggests early correction fm last Thur's 6-week trough at 1.3712 has possibly ended n downside bias remains for weakness twd this temp. low, break (upbeat US jobs data perhaps) would pressure price twd 1.3675. Only a daily close abv 1.3846 yields gain to 1.3910/12.

GBPUSD

Author

AceTrader Team
InstaForex

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