DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 01 Mar 2013 00:46GMT
Trend Daily Chart : Down
Daily Indicators : Falling
21 HR EMA : 1.5171
55 HR EMA : 1.5164
Trend Hourly Chart : Sideways
Hourly Indicators : Turning down
13 HR RSI : 50
14 HR DMI : -ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5309 - 38.2% r of 1.5690-1.6073
1.5250 - Last Fri’s European morning low
1.5000 - Psychological
Support
1.5121 - Wed’s NY low
1.5073 - Mon’s 2-1/2 year low (NZ)
1.5223 - Y’day’s high
. GBP/USD - 1.5170… Trading the pound proved to be trickyy’day. Despite initial narrow move in Asia, cable rose to 1.5203 in Europeanmorning b4 falling to 1.5152. Later, despite cross-induced break of Tue’s1.5219 high to 1.5223 in NY morning, price fell in tandem with euro to1.5148 b4 recovering to 1.5196.
. Y’day’sretreat fm 1.5223 to 1.5148 signals cable’s correction fm Mon’s 2-1/2 yearlow at 1.5073 has possibly made a top there n consolidation with down sidebias is in store in Asia, a firm breach of said NY low at 1.5148 wudadd credence to this view, however, a daily close below 1.5121 needed tosignal MT intermediate fall 1.6380 (Jan) has resumed n yieldweakness twd ‘psychological’ obj. at 1.5000 next week. Lookingahead, present falling daily technical indicators suggest cable is en route twd1.4867 later this month, this is 100% proj. of the MT downtrend fm 2011peak at 1.6747 to 1.5234 (2011 low) measured fm 1.6380. So position tradersshud sell the pound on any rally for this move.
. Today,as long as 1.5223 holds, cable shud head twd 1.5100 n only abv said reswud risk stronger retrace. to 1.5250 but 1.5309 shud cap upside.
