DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 30 Sep 2015 00:15GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.5161
55 HR EMA
1.5180
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Consoldiation b4 one more fall
Resistance
1.5261 - Last Fri's high
1.5241 - Mon's high
1.5205 - Y'day's high
Support
1.5128 - Y'day's low
1.5108 - 100% proj. of 1.5383-1.5201 fm 1.5290
1.5088 - May's low (06)
. GBP/USD - 1.5157... Despite moving sideways abv Mon's 1.5157 low in Asia n Europe y'day n a brief recovery to 1.5205, renewed cross-selling in sterling knocked price to a 4-1/2 month low of 1.5128 in NY b4 staging a recovery.
. On the bigger picture, cable's break of previous Sep's 1.5164 low on Fri to a 4-1/2 month trough of 1.5128 y'day confirms early fall fm Jun's 1.5930 top to correct the medium-term rise fm 2015 near 5-year bottom at 1.4566 (Apr) has resumed n price is en route to 1.5087, this is a 'dynamic' 61.8% r of aforesaid upmove fm 1.4566. Having said that, as both hourly n daily technical indicators' readings would display bullish convergences on such fall, 'psychological' sup level at 1.5000 may hold on 1st testing n bring rebound. Looking ahead, below 1.5000 needed to retain bearish prospect of further losses twd 1.1857 n only a daily close abv 1.5330 signals temp. low is made n risks gain twd 1.5390/00.
. Today, although y'day's rebound fm 1.5128 to 1.5171 suggests sideways move abv said temp. low would continue ahead of U.K. GDP, as long as 1.5205 holds, one more fall is likely but bullish convergences on hourly indicators should keep price abv daily sup at 1.5088. Abv 1.5205 may risk 1.5236/41.
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