DAILY GBP/USD TECHNICAL OUTLOOK Last Update At 27/02/2015 00:36 GMT
Trend Daily Chart
Down
Daily Indicators
Rising
21 HR EMA
1.5448
55 HR EMA
1.5467
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5554 - Y'day's 8-week high
1.5517 - Y'day's Euroepan morning low
1.5467 - Wed's European low (now res)
Support
1.5395 - Y'day's low
1.5376 - 50% r of 1.5197-1.5554
1.5333 - Mon's low
. GBP/USD - 1.5425 ... Although cable continued its recent winning streaks on Thur n climbed briefly abv previous day's 1.5538 top to a fresh 8-week peak of 1.5554 in Asia, price retreated to 1.5517 in European morning n later tumbled in NY session to as low as 1.5395 on hawkish Fed comments plus upbeat U.S. data.
. Y'day's near term 'reversal' fm 1.5554 confirms recent erratic upmove fm Jan's fresh 17-month bottom has made a temporary top there n consolidation with downside bias is seen in the coming days. A 'minimum' 38.2% of aforesaid upmove fm 1.4952 wud pressure the pound to 1.5324, this is just below this week's low at 1.5333 (Mon), Looking ahead, a daily close below 1.5333 wud bode ill for sterling n price wud be en route twd 1.5233 (50% r fm 1.4952) n then twd chart obj. at 1.5197. Therefore, in view of abv bearish scenario, selling cable on recovery in anticipation of resumption of decline is recommended n only abv 1.5500/10 wud dampen bearishness, risk possible re-test of 1.5554.
. Today, although intra-day recovery at Asian open suggests initial consolidation is in store, reckon 1.5467 shud cap upside n yield another fall to 1.5376/80, however, reckon 1.5333 sup wud remain intact.
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