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GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

2018-10-13 04:00:00
Nick Cawley, Strategist
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GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD giving back recent gains.
  • 200-day moving average should provide support.

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 – Indecision Then a Turn Lower

Cable has slipped back after making a three-week high and is looking to trade lower as two negative (red) candles make their presence felt. Preceding these two candles we have three very small indecision dojis near the recent high, with tight trading ranges a sign of market exhaustion. Protection on the downside should be found at the 50-day moving average at 1.30937 ahead of the 200-day ma, currently at 1.30572. On the upside, GBPUSD may struggle at Friday’s high of 1.32581.

GBPUSD Four Hour Price Chart October 12, 2018

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

The daily GBPUSD chart still looks bullish and remains positive until the double-lows at 1.2920 are breached. This would also take us below all three moving averages and turn the technical outlook bearish.

GBPUSD Daily Price Chart October 12, 2018

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

Retail Sentiment Still Favors the Upside

IG Retail Sentiment data show that traders are long GBPUSD (57.3%), normally a bearish contrarian indicator. However, traders are less net-long than yesterday and last week, indicating that the GBPUSD may reverse higher.

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

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, GBP/AUD May Still Make Breakout Progress Despite U-turns

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

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