DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 02 Jul 2015 00:39GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.5636
55 HR EMA
1.5674
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
31
14 HR DMI
-ve
Daily Analysis
Consolidation b4 decline resumes
Resistance
1.5739 - Y'day's high
1.5675 - Y'day's Asian low, now res
1.5645 - Mon's low, now res
Support
1.5589 - Y'day's low
1.5550 - 50% r of 1.5170-1.5930
1.5488 - Jun 15 low
. GBP/USD - 1.5606... The pound briefly fell to 1.5675 in Aust. on Wed n rebounded to 1.5739 in Europe on short covering but then tanked to 1.5640 after downbeat UK mfg PMI. Cable later tumbled to 1.5589 in NY session b4 recovering.
. The bigger picture remains largely unchanged to previous updates. Despite resumption of upmove fm 2015 near 5-year trough of 1.4566 (Apr) to 1.5930 in Jun, subsequent decline to 1.5589 on Wed suggests aforesaid rise to retrace MT fall fm 2014 peak at 1.7192 has made a temporary a top there n as long as res area at 1.5776/1.5789 (Wed's n Mon's high respectively) holds, consolidation with downside bias remains for further weakness to 1.5555-50 (being previous res, now sup n 50% r of 1.5170-1.5930 respectively), a daily close below there wud add credence to abv bearish view, then weakness to 1.5409 (being 'min.' 38.2% r of the entire rise fm 1.4566-1.5930) wud be seen next week. On the upside, only abv 1.5776/79 res area wud risk stronger gain twd 1.5844/46.
. Today, y'day's break of Mon's low at 1.5645 confirms aforesaid fall fm Jun's 7-month peak at 1.5930 has resumed n shud pressure cable to 1.5550/55 1st, then 1.5500/04 n only abv 1.5675 may risk stronger gain but 1.5739 shud hold.
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