DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 17 Sep 2014 00:31GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.6247
55 HR EMA
1.6257
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
55
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.6395 - Prev. hourly sup (now res)
1.6340 - Sep 05 high
1.6310 - Y'day's high
Support
1.6205 - Last Fri's low
1.6162 - Y'day's low
1.6125 - Hourly chart sup
. GBP/USD - 1.6256... The pound went through a rollar-coaster session on Tue due to market jitters ahead of Thur's Scottish referendum. Cable penetrated last Fri's 1.6205 low to 1.6162 in Europe but later jumped to as high as 1.6310 in NY due to dollar's broad-based weakness but briefly dipped to 1.6240.
. Looking at the hourly n daily charts, y'day's strg rebound to 1.6310 due to dlr's broad-based weakness together with active unwinding in cable suggests corrective rise fm last Wed's low at 1.6052 to retrace MT downtrend fm Jul's near 6-year peak at 1.7192 remains in progress n abv 1.6310 wud bring stronger gain to 1.6340 res (Sep 05 post-U.S. NFP high), however, high readings on hourly oscillators shud cap price below 1.6415/18 (38.2% r of 1.7001-1.6052 n 61.8% r of 1.6645-1.6052 respectively) n yield decline later. On the downside, below 1.6162 anytime wud confirm said correction fm 1.6052 is over instead n bring weakness to 1.6125 but 1.6052 shud hold until referendum results are known.
. Today, as current price is trading abv 21-hr n 55-hr emas, buying cable on dips in anticipation of further gain is cautiously favoured but profit shud be taken on subsequent rise.
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