WEEKLY GBP/USD TECHNICAL OUTLOOKLast Update At 29 Mar 2015 23:35GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising fm o/s
21 HR EMA
1.4880
55 HR EMA
1.4878
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation with a neutral bias
Resistance
1.4995 - Last Thur's high
1.4955 - Last Wed's high
1.4923 - Last Fri's high
Support
1.4831 - Last Wed's low
1.4797 - Last Fri's low
1.4777 - Last Fri's Asian high (now sup)
. GBP/USD - 1.4901... Trading the pound proved me tricky last week as price went through several roller-coaster sessions.Cable ratcheted lower fm 1.4990 to 1.4839 in tandem with euro on Mon n rebounded to 1.4984 the next day n fell back to 1.4831 Wed b4 rising to 1.4995 Thur n then tumbled to 1.4797 Fri.
. On the bigger picture, although cable's rally fm Mar's 40-month trough of 1.4635 to 1.5166 (post-FOMC peak) confirms the LT fall fm 2014 near 6-year peak at 1.7192 has finally made a temporary low there, the sharp retreat to 1.4689 suggests choppy trading inside aforesaid 1.4635-1.5166 broad range wud continue for rest of this week. On the upside, abv 1.5166 wud bring stronger retracement to 1.5357, this is a 'minimum' 38.2% of intermediate fall fm 1.6525 to 1.4635. Failure to re-test 1.5166 res n subsequent breach of 1.4635 wud risk one more fall to 1.4598/1.4582 area (61.8% proj. of 1.5554-1.4635 n 61.8% proj. of 1.6525-1.4952 fm 1.5554 respectively), however, as hourly & the daily indicators wud display 'bullish convergences' on such move, 1.4500 wud hold.
. Today, Fri's rebound fm 1.4797 to 1.4923 after hawkish comments by BoE's Gov Carney suggests consolidation with upside bias is in store.
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