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Sterling Weekly Technical Outlook: Selling Off Into Support

Sterling Weekly Technical Outlook: Selling Off Into Support

2019-02-23 10:00:00
Nick Cawley, Analyst
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Sterling FX-Pairs Technical Analysis

  • GBPUSD pulling back into a cluster of support levels.
  • EURGBP upside remains capped

You can download for free ourQ1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD and EURGBP with our fundamental and medium-term term technical outlook.

A break of Fibonacci retracement at 1.2894 at the start of the week provided Sterling with momentum to move higher against the US dollar, taking out the 200-day moving average during the move. A positive Brexit sentiment, and better-than-expected jobs and wages data help provide a fundamental boost for the British Pound. The mid-week turnaround has been equally as sharp, and the pair now approach a cluster of support levels that should keep GBPUSD from falling further. The 20-day moving average at 1.2965 guards the 200-day moving average around 1.2940 and the 50-day ma at 1.2910 before 23.6% Fibonacci retracement at 1.2894 comes into play. To the upside, the recent February high at 1.3112 before 38.25 Fib at 1.3177 and the January 2019 high print at 1.3217.

Looking for a fundamental perspective on GBP? Check out the Weekly GBP Fundamental Forecast.

GBPUSD Daily Price Chart (May 2018 - February 22, 2019)

GBPUSD

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Another pair that have reversed about half of their weekly move, EURGBP now sits in the middle of its recent range with any further rally set to hit strong resistance levels. First resistance is pegged around 0.8755 (50-day ma) before the 61.8% retracement level of the April 2018 – Janaury 2019 rally makes its mark at 0.8809. This closely followed by the 20-day ma at 0.8827, the 50% Fib retracement level at 0.8868 and the 200-day ma at 0.8878. On the downside there are recent lows at 0.8660, followed by 0.8656 and the recent low around 0.8615.

EURGBP Daily Price Chart (May 2018 - February 22, 2019)

EURGBP

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--- 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, AUD/JPY and AUD/NZD Eye Trend-Forecasting Patterns

Oil Forecast– Bears May Want to Turn Away, Momentum is Here

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