DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 10 Nov 2015 00:24GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.5104
55 HR EMA
1.5138
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5204 - Last Fri's Australian low, now res
1.5170 - 38.2% r of 1.5402-1.5027
1.5129 - Y'day's high
Support
1.5058 - Y'day's European low
1.5027 - Last Fri's 5-month low
1.5000 - Psychological sup
. GBP/USD - 1.5115... Sterling found support at 1.5042 in NZ n then rose to 1.5117 in Europe. Later, renewed buying at 1.5077 pushed price higher again in NY morning n cable climbed to intra-day high of 1.5129 b4 moving narrowly.
. On the daily chart, cable's break of Sep/Oct's low at 1.5107 to 1.5027 last Fri signals correction fm 2015 near 5-year bottom at 1.4566 (Apr) has ended earlier at 1.5930 (May) n downside bias remains for further weakness to 1.4966, then 1.4827, being 70.7% n 80.9% retracements respectively of aforesaid rise fm 1.4566 to 1.5930. In view of this bearish analysis, selling sterling on recovery is recommended, however, anticipated buying of sterling vs euro n yen is likely to prevent steep fall n reckon 1.4687 (100% projection of 1.4930-1.5107 measured fm 1.5510) would remain intact. On the upside, only a daily close abv 1.5243(previous sup, now res) risks stronger correction to 1.5372 b4 retreat.
. Today, y'day's cross-inspired rise to 1.5129 n intra-day steady bias suggests marginal gain is likely, reckon 1.5140/50 would cap present risen yield retreat, below 1.5058 signals correction over n bring re-test of 1.5027 but as hourly indicators would display 'bullish convergences', 1.5000 should hold.
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