DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 04 Aug 2015 00:39GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.5596
55 HR EMA
1.5603
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
39
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5691 - Wed's high
1.5679 - Last Fri's high
1.5645 - Y'day's high
Support
1.5549 - Last Fri's low
1.5528 - Last Tue's low
1.5490 - Last Mon's low
. GBP/USD - 1.5580... Cable went through a roller-coaster session y'day following Fri's strg bounce fm 1.5549 to 1.5679. Despite staging a recovery to 1.5645 in Europe, price fell to 1.566 b4 rebounding to 1.5624 in NY morning.
. On the bigger picture, despite cable's erratic rise fm 2015 near-5 year bottom at 1.4566 to 1.5930 in Jun, subsequent retreat to 1.5330 last month signals a temporary high has been made. Having said that, the pound's strg rebound to 1.5676, then 1.5691 last week suggests 'choppy' sideways move is in store n gain to 1.5701 (61.8% r of 1.5930-1.5330) can't be ruled out, as long as pivotal res at 1.5789 holds, downside bias remains for another fall. A daily close below 1.5467 indicates recovery fm 1.5330 is over n re-test of this level would follow but break there needed to turn outlook bearish for resumption of aforesaid decline fm 1.5930 to 1.5170 in late Aug. Abv 1.5789 any time aborts this bearish scenario on cable n risks gain twd 1.5930.
. Today, although y'day's intra-day gyrations inside indicated Fri's 1.5549-1.5679 range suggests choppy sideways trading would continue, below 1.5549 would bring stronger retracement of early rise fm 1.5330 to 1.5490/00 later.
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