[B]DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At [/B]
30 Jan 2013 01:11GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.5741
55 HR EMA
1.5743
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with a neutral bias
Resistance
1.5852 - Last Thur’s high
1.5827 - Last Fri’s high
1.5774 - Y’day’s high
Support
1.5712 - NY low
1.5674 - Mon’s low
1.5654 - 1.618 ext. of 1.6380-1.5992 fm 1.6182
GBP/USD - 1.5752… The British pound finally ended its recent losing streaks n rebounded y’day to 1.5774 in NY morning due to intra-day resumption of uptrend in eur/usd triggered by weaker-than-expected U.S. economic data.
Y’day’s rally to 1.5774 confirms cable’s recent downtrend fm Jan’s 15-mth peak at 1.6380 has finally hit a temporary low at 1.5674 Mon n as long as 1.5692 (y’day’s low) holds, consolidation with intial upside bias is seen, abv 1.5774 wud bring stronger retracement to 1.5800/10, however, as long as res at 1.5827 holds, aforesaid downtrend to correct the MT 3-legged rise fm 2012 low at 1.5234 (Jan) to is likely to resume in Feb, as price has retraced very close to the 61.8% r (1.5672) of this move, next target is pointing at 1.5570 (70.7% r). On the upside, only a daily close abv 1.5827 wud risk stronger correction of the intermediate fall fm 1.6182 to 1.5868 (‘minimum’ 38.2% r) but 1.5928 (‘natural’ 50% r) shud remain intact n yield another fall.
Today, cable is expected to track intra-day eur/usd move n as long as 1.5712 holds, gain to 1.5800/10 may be seen b4 retreat. Below 1.5712, 1.5674.
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