DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 05 Aug 2014 00:32GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.6848
55 HR EMA
1.6854
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
68
14 HR DMI
+ve
Daily Analysis
Marginal recovery b4 strg retreat
Resistance
1.6956 - Last Wed's high
1.6928 - Last Wed's NY high
1.6893 - Last Thur's NY high
Support
1.6812 - Last Fri's 6-week low
1.6785 - Jun 12 low
1.6738 - Jun 11 low
. GBP/USD - 1.6864... Despite cable's brief drop to 1.6813 in Europe Mon after last Fri's brief bounce fm a fresh 6-week low of 1.6812 to 1.6862, renewed buying emerged n lifted price higher. Cable ratcheted higher on cross buying in sterling to 1.6864 in late NY, then 1.6867 ahead of Asian open today.
. Y'day's cross-inspired strg rebound after holding abv last Fri's low at 1.6812 suggests choppy consolidation wud be seen n as hourly indicators are rising, suggesting as long as 1.6812/13 sup area holds, upside bias remains for a stronger retracement of erratic decline fm Jul's near 6-year peak at 1.7192 n gain to 1.6884 may be seen but 1.6907 wud hold (being 38.2% n 50% r of intermediate fall fm 1.7001) n yield strg retreat. On the upside, only a daily close abv 1.6933 wud confirm temp. low is in place, then stronger gain twd 1.7001 (last week's high on Mon) wud be seen b4 down. Looking ahead, cable's early sell off fm 1.7192 to 1.6995 confirms a major top has been made n price is en route twd next daily chart obj. at 1.6738 later.
. Today, we're selling cable on intra-day rise for one more fall or buy if price briefly drops below 1.6812 in anticipation of another corrective bounce.
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