DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Nov 2014 23:59GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5685
55 HR EMA
1.5676
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with mild downside bias
Resistance
1.5790 - Nov 07 low
1.5768 - 50% r of 1.5945-1.5590
1.5737 - Last Mon's n Thur's high
Support
1.5672 - Y'day's NY hourly sup
1.5626 - Last Fri's low
1.5590 - Last Wed's fresh 14-mth low
. GBP/USD - 1.5695 ... Despite opening lower to 1.5633 in New Zealand on Mon, the British pound rebounded to 1.5673 at European open, however, price briefly retreated to 1.5629 in tandem with eur/usd before rising to 1.5694 in NY morning. Cable later climbed to session high of 1.5715 b4 easing.
. Y'day's strg rebound fm 1.5630 to 1.5715 suggests 'choppy' trading abv last Wed's 14-month trough of 1.5590 wud continue, however, as long as res at 1.5737 (last Mon's n Thur's high) holds, downside bias remains for MT downtrend fm Jul's near 6-year peak at 1.7192 to resume after consolidation, yield re-test of 1.5590 sup later, however, break needed to extend weakness to 1.5560, then 1.5518 (being 50% & 61.8% proj. respectively of 1.5945-1.5590 measured fm 1.5737), however, a daily technical indicators wud display 'bullish convergences' on such move, reckon 1.5346 wud contain weakness, this is the 'dynamic' 61.8% r of entire LT rise fm 1.3500 (2009 multi-decade low) to 1.7192.
. Today, we're cautiously holding a short position in anticipation of a retreat to 1.5630. On the upside, a daily close abv 1.5737 wud risk stronger retracement to 1.5818 (38.2% r of 1.6186-1.5590) b4 prospect of another decline.
_20141125073324.png "gbp")
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.