DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 29 Jul 2015 00:34GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.5595
55 HR EMA
1.5572
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.5676 - Jul 15 high
1.5647 - Last Wed's high
1.5628 - Y'day's high
Support
1.5528 - Y'day's low
1.5490 - Mon's low
1.5467 - Last Fri's low
. GBP/USD - 1.5609 ... Cable swung fm loss to gain in choppy Tue trading. Price fell at European open to 1.5528 on cross-selling in sterling but upbeat UK GDP triggered aggressive short-covering to 1.5618, then later to 1.5628 in NY.
. On the bigger picture, although early selloff fm Jun's 7-month peak at 1.5930 to 1.5330 in Jul confirms MT upmove fm 2015 bottom at 1.4566 (Apr) has made a top there as this high was accompanied by 'bearish divergences' on the daily indicators, subsequent strg bounce to 1.5676 n then the 2-week broad sideways swings suggest further choppy consolidation would continue, perhaps the upcoming FOMC statements n Thur's first reading of the key U.S. GDP may help cable stage a 'breakout' of its near term established 1.5676-1.5467 range. Abv previous strg res at 1.5671/76 would shift risk to the upside for gain to 1.5701 (61.8% r of 1.59360-1.5330) but abv pivotal res at 1.5789 needed to bring a retest of 1.5930 in Aug. a daily close below 1.5467 would shift risk to downside n yield weakness twd 1.5330 next week.
. Today, as current price is trading abv 21-hr & 55-hr emas, buying on dips is favoured but 1.5676 may hold. Below 1.5674 would yield 1.5528, 1.5490.
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