DAILY TECHNICAL OUTLOOK ON GBP/USD
21 Mar 2013 00:37GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.5109
55 HR EMA
1.5105
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5200 - Mar 05 high
1.5187 - Y’day’s high
1.5145 - Tue’s high
Support
1.5072 - Mon’s low (NZ)
1.5026 - Y’day’s low
1.4982 - Last Wed’s high
. GBP/USD - 1.5100… Trading the pound was difficult y’day as price swang wildly in European morning. Despite a strg bounce fm 1.5026 to 1.5158 after the release of BoE minutes, price tumbled to 1.5042 after U.K.'s Osborne unveiled his 2013 budget but later rallied to 1.5187 in NY b4 tanking to 1.5090 (AUS).
. As y’day’s 1.5187 top was accompanied by ‘bearish divergences’ on the hourly indicators n hourly macd is now cutting below the zero line, suggesting corrective upmove fm last Tue’s 2-1/2 year low at 1.4832 has made a temporary top there n consolidation with downside bias is in store, below 1.5072 (Mon’s low) wud add credence to this view n yield re-test of 1.5026, however, as the hourly oscillators’ readings wud be in o/sold territory on such a move, reckon 1.4982 (last Wed’s high) shud hold n bring rebound.
. In view of abv analysis, we’re turning short on intra-day recovery in anticipation of weakness to indicated target. On the upside, only abv said 1.5187 wud extend aforesaid upmove marginally to 1.5200 (Mar 05 high), however, res at 1.5223 shud cap upside n yield another selloff later today or tom.
