DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 26 Sep 2014 00:45GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.6321
55 HR EMA
1.6336
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
54
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.6416 - Tue's high
1.6373 - Wed's European morning low
1.6353 - Tue's NY low
Support
1.6276 - Y'day's low
1.6247 - Last Thur's low (AUS)
1.6262 - Sep 16 low
. GBP/USD - 1.6330 ... The British pound swung wildly y'day. Price briefly penetrated last Fri's low at 1.6284 to 1.6276 in European morning, price staged a failed rally after mildly hawkish comments fm BOE's Carney but quickly reteated to 1.6294 in choppy NY session n later ratcheted higher near NY close.
. Although cable's rebound after y'day's resumption of decline fm last Fri;s 1.6525 to 1.6276, as this move signals at least the 1st leg of correction fm Sep's 9-1/2 month trough at 1.6052, downside bias remains for weakness twd 1.6233, this is the 'dynamic' 61.8% r of aforesaid rise. Below 1.6233 wud yield subsequent weakness twd 1.6175 (equality proj. of 1.6525-1.6284 measured fm 1.6416) but a daily close of 1.6162 sup is needed to signal correction fm 1.6052 is over. On the upside, only a daily close abv 1.6416 wud risk stronger gain to 1.6433 (61.8% r of 1.6525-1.6284) but reckon 1.6481 (last Fri's European high) wud cap upside.
. Today, we're holding a short position in anticipation of further weakness after initial consolidation in Asia but profit shud be taken on subsequent decline. Abv 1.6373 may risk stronger gain to 1.6413/16 res area.
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