DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Feb 2015 00:28GMT
Trend Daily Chart
Down
Daily Indicators
Rising
21 HR EMA
1.5428
55 HR EMA
1.5412
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
63
14 HR DMI
+ve
Daily Analysis
Resumption of upmove fm 1.4952
Resistance
1.5569 - 50% r of 1.6186-1.4952
1.5480 - Last Wed's high
1.5475 - Y'day's high
Support
1.5333 - Y'day's low
1.5317 - Last Tue's low
1.5278 - 38.2% r of 1.4952-1.5480
. GBP/USD - 1.5450 ... Despite cable's brief breach of last Fri's 1.5343 low to 1.5333 in Europe on Mon, the British pound rallied on renewed cross buying in sterling (eur/gbp fell to a fresh 7-year trough at 0.7326) n cable strengthened to as high as 1.5475 (just below last Wed's 1.5480 high).
. Looking at the hourly n daily charts, cable's firmness after y'day's rally fm 1.5333 to 1.5475 suggests the pullback fm last Wed's high at 1.5480 has ended at 1.5333 n recent erratic upmove fm Jan's fresh 17-month trough at 1.4952 shud resume after minor consolidation n abv said res wud confirm aforesaid upmove fm 1.4952 to retrace MT fall fm 1.7192 (2014 peak) has once again resumed n yield further gain to 1.5569 (50% r of 1.6186-1.4952) later. On the downside, only a breach of 1.5333 wud bring a stronger retracement to 1.5278 (38.2% r of 1.4952-1.5480), however, reckon 1.5216 (50% r) shud contain downside n yield a much-needed rebound later.
. In view of near term bullish scenario, buying cable on dips in anticipation of further gain to 1.5500 1st, however, high readings on hourly oscillators shud cap price at 1.5569 today. Below 1.5333 risks 1.5278.
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