DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At
01 Feb 2013 00:39GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.5840
55 HR EMA
1.5807
Trend Hourly Chart
Near term up
Hourly Indicators
Getting o/bot
13 HR RSI
65
14 HR DMI
+ve
Daily Analysis
Initial rise b4 retreat
Resistance
1.5956 - Jan 17 low
1.5928 - 50% r of 1.6182-1.5774
1.5892 - Last Wed’s high
Support
1.5775 - Y’day’s low
1.5726 - Tue’s low
1.5674 - Mon’s low
GBP/USD - 1.5870 … Trading cable y’day proved to be tricky as sterling swang fm gain to loss n then ‘up again’ due to intra-day swings in eur/gbp. The pound rose to 1.5842 in Europe but tanked to 1.5775 due to the rebound in eur/gbp, however, price later rallied to a 1-week high of 1.5876 in NY session.
As cable has maintained a firm undertone after resumption of nr term rise fm Mon’s 5-month low at 1.5674 to 1.5876, suggesting consolidation with upside bias is seen for a retrace. of MT decline fm Jan’s 15-month peak at 1.6380 twd previous strg res at 1.5892/93, however, as hourly oscillators’ readings wud be in o/bot territory on such a rise, upside shud falter below 1.5928, this is a ‘natural’ 50% r of the intermediate fall fm 1.6182, n bring retreat next week. Only a daily close abv 1.5928 wud risk stronger correction of the aforesaid downtrend to 1.5992. On the downside, below 1.5775 wud signal correction has ended n yield weakness to Tue’s low at 1.5726 n later re-test of 1.5674.
Today, although buying sterling for intra-day trade is favoured, position players can sell on upmove for re-test of 1.5674 later this month.
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