[B]WEEKLY GBP/USD OUTLOOK - 1.6228
25 Nov 2013[/B] [I]03:38GMT[/I]
Cable’s rally abv res at 1.6178 (now sup) has
turned outlook bullish for a re-test of Oct’s high
at 1.6260, abv there wud extend MT rise fm Jul’s 3-
year trough at 1.4814 twd 2013 peak at 1.6380 (Jan)
but break there needed to yield further headway twd
next projected target at 1.6433 in Dec.
Turn long on dips in anticipation of such a move
n only below 1.6109 signals temp. top is in place,
risks weakness to 1.6072 n possibly twd 1.6000.
[B]STRATEGY :[/B] Buy at 1.6195
[B]OBJECTIVE :[/B] 1.6350
[B]
STOP-LOSS :[/B] 1.6140
[B]RES :[/B] 1.6260/1.6380/1.6433
[B]SUP :[/B] 1.6178/1.6072/1.5988
[B]WEEKLY GBP/USD TECHNICAL OUTLOOK[/B]
Last Update At [B]11 Jan 2015[/B] [I]23:51GMT[/I]
[B]Trend Daily Chart [/B]
Down
[B]Daily Indicators[/B]
Falling
[B]21 HR EMA [/B]
1.5146
[B]55 HR EMA[/B]
1.5133
[B]Trend Hourly Chart[/B]
Near term up
[B]Hourly Indicators[/B]
Rising
[B]13 HR RSI [/B]
65
[B]14 HR DMI[/B]
+ve
[B]Daily Analysis[/B]
Initial gain b4 retreat
[B]Resistance[/B]
1.5258 - 38.2% r of 1.5621-1.5034
1.5224 - 100% proj. of 1.5034-1.5161 fm 1.5097
1.5207 - Hourly chart
[B]Support[/B]
1.5139 - Hourly chart
1.5197 - Last Fri’s post-NFP low
1.5078 - Last Fri’s low (AUS)
. [B]GBP/USD[/B] - 1.5185… The British pound fell in tandem with eur/usd last week n continued its recent losing streak. Price weakened to a fresh 17-month trough of 1.5034 n then rebounded on short-covering on Thur after BoE stood pat on its monetary policy. Cable later rallied to 1.5177 Fri n then 1.5195 on Mon.
. Let’s look at the bigger picture 1st, cable’s resumption of MT downtrend fm 2014 peak at 1.7192 to correct the LT rise fm 1.3500 (2009 low in Jan) is enroute to 1.5000 (psychological sup) n then 1.4910, this is the 61.8% r of the aforesaid rise, however, reckon key sup at 1.4814 (2013 bottom in Jul) shud remain intact. On the upside, only a move back abv 1.5320 (Mon’s Asian high) wud suggest a temporary low is in place n bring correction twd 1.5486 (Dec 23 low). On the upside, current cable’s rebound fm 1.5034 suggests a temporary low has been made n choppy trading is in store this week with initial upside bias is seen for correction to 1.5258 but 1.5328 shud hold, being, 38.2% n 50% r resp. of the intermediate fall fm 1.5621-1.5034 n yield resumption of downtrend later.
. Today, price may extend near term upmove fm 1.5034 to 1.5220/25 after consolidation, as hourly indicators wud be in o/bot territory, 1.5258 wud hold.
