[B]DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At [/B]
22 Jan 2013 02:28GMT
Trend Daily Chart
Down
Daily Indicators
Oversold
21 HR EMA
1.5852
55 HR EMA
1.5894
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation with mild upside bias
Resistance
1.5997 - Last Fri’s hourly res
1.5956 - Last Thur’s low
1.5893 - Y’day’s high
Support
1.5807 - Y’day’s low
1.5778 - Jun 20 high
1.5745 - Prev. daily res
GBP/USD - 1.5834 … The British pound went through a ‘roller-coaster’ session y’day. Despite initial brief break of Fri’s 1.5853 low to 1.5838 in New Zealand, the pair ratcheted higher to 1.5893 in European morning but cross selling in sterling sent price to a low of 1.5807 after European markets closed.
Although y’day’s anticipated resumption of decline fm Jan’s 15-month high at 1.6380 suggests a strg retracement of MT intermediate upmove fm 1.5270 (Jun 12’) or possibly fm 1.5234 (Jan 12’) remains in progress n marginal weakness below y’day’s low of 1.5807 cannot be ruled out, as hourly oscillators’ readings have already displayed prominent ‘bullish convergences’, steep fall is unlikely to be repeated n reckon 1.5778/89, being Jun 20 high (now sup) n 1.236 times extension of 1.6380-1.5992 measured fm 1.6182 respectively, shud contain down- side n yield a much-needed correction later today or tom.
Today, we are standing aside in the meantime as abv 1.5865 wud signal a temp. low is in place n may bring recovery to 1.5893 n possibly 1.5915 (being a ‘minimum’ 38.2% r of 1.6040-1.5807) but 1.5950/56 area shud cap upside.
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