DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At : 06 Feb 2013 00:56GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.57
55 HR EMA
1.5723
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
34
14 HR DMI
-ve
Daily Analysis
One more fall b4 recovery
Resistance
1.5805 - Y’day’s high
1.5728 - Y’day’s European morning low
1.5683 - Mon’s low
Support
1.5630 - Y’day’s low
1.5565 - 61.8% proj. of 1.6182-1.5674 fm 1.5879
1.5526 - 50% proj. of 1.6380-1.5674 fm 1.5879
GBP/USD - 1.5661…Trading cable proved to be tricky again y’day. Despite brief fall to 1.5728 in European morning, the pair jumped briefly to 1.5805 on better-than-expected U.K. PMI services but rally in eur/gbp pressured knocked price below last Mon’s low at 1.5674 to 1.5630 in NY afternoon b4 stabilising.
Y’day’s cross-induced breach of last Mon’s low at 1.5674 signals MT downtrend fm Jan’s 15-month peak at 1.6380 to retrace upmove fm 2012 trough at 1.52 34 (Jan) has resumed n weakness to 1.5600 is envisaged after consolidation, as hourly oscillators’ readings wud display prominent ‘bullish convergences’ on next decline, reckon 1.5565, being 61.8% proj. of 1.6182-1.5674 measured fm 1.68 79 wud hold n bring a much-needed minor later. On the upside, abv 1.5728 any time wud signal a temporary low is made n yield stronger recovery twd 1.5772.
Today, in view of abv anslysis, we’re trading cable on both sides of the market today n as price is currently below 21-hr n 55-hr emas’ selling on intraday recovery is recommended, however, one can buy on next decline in anticipation of a corrective rally but 1.5805 shud cap upside.
