Daily Technical Outlook on Major - GBP/USD

   DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 20 Nov 2019 01:19GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
1.2931

55 HR EMA
1.2929

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
37

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.3070 - 1.618 times ext. of 1.2789-1.2975 fm 1.2769
1.3012 - Oct's 5-month high (21st)
1.2985 - Y'day's high

Support
1.2911 - Y'day's low
1.2897 - Last Mon's high (now sup)
1.2868 - Last Fri's low

GBP/USD - 1.2924.. Although the pound gained to session highs at 1.2970 at European open, price dropped to 1.2927 in Europe, then lower to an intra-day low at 1.2911 in NY afternoon on cross-selling of stg vs euro.

On the bigger picture, despite a flash crash to 2016 31-year bottom at 1.1491 on Brexit worries, cable rally to 2018 21-mth peak at 1.4377 in Apr con- firms major low has been made. Despite sterling's sharp fall to 1.2412 at the start of Jan, then to a 34-month bottom of 1.1959 in Sep, subsequent rally to 1.2582 in Sep on easing of market fear of a no-deal Brexit, then rise to 1.3012 in Oct suggests choppy trading abv 1.1491 would continue with upside bias for gain to 1.3029, minor 'bearish divergences' on daily indicators would limit upside to 1.3197 (50% proj. of 1.2196-1.3012 fm 1.2789). Only daily close below 1.2789 signals temp. top is made n risks stronger retrace. to 1.2700, 1.2604.

Today, although y'day's retreat fm 1.2970 would yield range trading b4 re- test of Mon's high at 1.2985 is seen n break would extend marginally, anticipated bearish divergences on hourly indicators would keep price below Oct's 5-month peak at 1.3012. Only below 1.2897 would risk weakness to 1.2868.

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