DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 27 May 2015 00:59GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.5404
55 HR EMA
1.5448
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
38
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.5525 - Last Thu's Europrean low (now res)
1.5475 - Y'day's high
1.5457 - Y'day's hourly res
Support
1.5355 - Y'day's low
1.5338 - 38.2% r of 1.4566-1.5815
1.5292 - May 08 high, now sup
. GBP/USD - 1.5389.. The British pound remained under pressure in tandem with euro in Asia on Tue n resumed its recent losing streak. Cable dropped to 1.5385 in Europe n then to session low at 1.5354 in NY morning after the release of mildly upbeat U.S. data b4 paring intra-day losses n recovered to 1.5415.
. On the daily chart, although cable's rally abv Apr's 1.5498 peak at 1.5498 to as high as 1.5815 in May confirms MT downtrend fm 2014 peak at 1.7192 has indeed formed a temporary low at 1.4566, last week's strg retreat to 1.5445 signals aforesaid upmove has formed a top there n y'day's sell off below 1.5445 adds credence to this view. Looking ahead, anticipated weakness in eur/usd suggests cable would be en route to 1.5338 n later 1.5191, being 38.2% r & 50% r respectively of the entire rise fm 1.4566-1.5815. Therefore, selling the pound on recovery in anticipation of further weakness to abovementioned targets is favoured. Only abv 1.5808 wud signal a temporary bottom is made n risk gain twd 1.5635/39.
. Today, we're holding a short position entered at 1.5420 in anticipation of resumption of recent decline to 1.5340, however, 'bullish convergences' on hourly indicators shud keep price abv 1.5300 n bring stronger recovery later.
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