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GBPUSD Weekly Technical Outlook: Four-Hour Chart Looks Bullish

GBPUSD Weekly Technical Outlook: Four-Hour Chart Looks Bullish

2018-10-06 04:00:00
Nick Cawley, Strategist
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GBPUSD Technical Highlights, Prices and Analysis

  • Sterling climbs above moving averages.
  • Positive trend remains in place.

We have recently released our Q4 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

Short-Term GBPUSD Chart Supports Higher Prices

Cable crossed back above all three moving averages on Friday and is currently trading just off its best level of the week, despite US dollar strength. The pair also traded back above the 23.60% Fibonacci retracement level at 1.3067, although a close above this level would give the move more validity, while the uptrend remains intact and supportive. To keep the trend intact, the pair need to take out this Monday’s high at 1.31175, which should leave a short-term target at 1.32178 ahead of 1.32986.

GBPUSD Four Hour Price Chart (August 10 – October 5, 2018)

GBPUSD Weekly Technical Outlook: Four-Hour Chart Looks Bullish

The daily chart paints a slight less rosy picture with GBPUSD battling with the 20-day moving average just under 1.3100. However the break-out from the short-term downtrendwill give bulls confidence in higher prices with the September 20 high at 1.32986 and the 38.20% Fibonacci retracement level at 1.33170 the next levels of resistance.

GBPUSD Daily Price Chart (March – October 5, 2018)

GBPUSD Weekly Technical Outlook: Four-Hour Chart Looks Bullish

Against other currencies, GBP has this week made a one-week high against the Canadian dollar, a three-month high against the Euro and 27-month high against the New Zealand dollar.

DailyFX has a vast amount of resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of constantly updated Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

Other Weekly Technical Forecast:

Australian Dollar Forecast: AUD/USD and GBP/AUD Achieve Critical Breakouts, Eyeing New Levels

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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