DAILY TECHNICAL OUTLOOK ON GBP/USD
26 Jul 2013 00:26GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.5354
55 HR EMA
1.5342
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
59
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.5531 - Jun 21 high
1.5480 - Jun 25 high
1.5435 - Y’day’s high
Support
1.5346 - Previous hourly res
1.5263 - Y’day’s low
1.5232 - 50% r of 1.5028-1.5435
. GBP/USD - 1.5378… The pound swung wildly y’day, price ratcheted higher in Asia as traders bot cable in anticipation of a strg UK GDP, price climbed fm 1.5307 to 1.5386 but tanked to 1.5263 on profit taking after the data came in as per forecast but later rallied to a fresh 1-month peak at 1.5435 near NY close.
. Although y’day’s firm breach of Tue’s 1.5392 high to 1.5435 confirms the upmove fm Jul’s 3-year low at 1.4814 has once again resumed, the spike top formation on hourly chart n present retreat at Asian open suggests price may well do the usual consolidation in Asia n as long as 1.5329 (61.8% r of 1.5263-1.5436) holds, marginal gain is still likely, however, as hourly oscillators’ readings wud display ‘bearish divergences’ on next rise, reckon 1.5488, being 61.8% proj. of the intermediate upove fm 1.5028-1.5392 measured fm 1.5263, wud cap upside. Looking ahead, as daily macd has crossed abv the zero line, suggesting cable is en route to next daily chart obj. at 1.5480 n then twd 1.5607 in Aug.
. Today, buying cable is still cautiously favoured n below 1.5300/10 wud risk stronger retracement to 1.5263 but 1.5232 shud hold fm here.
