Last Update At 24 Nov 2015 00:17GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5143
55 HR EMA
1.5182
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.5295 - Last Thur's Asian high
1.5236 - Last Thur's European low
1.5190 - Y'day's high
Support
1.5109 - Y'day's low
1.5077 - Hourly sup
1.5027 - Nov 6 low
. GBP/USD - 1.5125... Cable fell below Fri's low at 1.5183 at NZ open on Mon n then ratcheted lower to 1.5125 in Europe. Later, price briefly rebounded to 1.5190 but only to fall to session lows of 1.5109 near NY close.
. Looking at the bigger picture, although cable's erratic rise fm Nov's 5-month low at 1.5027 to 1.5336 last week confirms MT fall fm 2015 peak at 1.5930(Jun) has made a temp. bottom there, subsequent decline to 1.5183 last Fri, then
1.5109 y'day confirms 1st leg of correction is over n consolidation with downside bias is in store, price is expected to test 1.5107 (Sep n Oct low), a daily close below there would indicate correction fm 1.5027 has ended n yield re-test of 1.5027. Therefore, selling cable on recovery this week is favoured in anticipation of weakness twd 1.5027 recommended. Only abv 1.5255 dampens bearishness n may risk gain twd 1.5336 but 1.5372 (38.2% r of 1.2930-1.5027) would hold.
. Today, as intra-day strg rebound in euro has lifted cable in Asia, suggesting initial consolidation is in store in Asia n abv 1.5150/60 may bring stronger recovery to 1.5180/90 b4 another fall later today. We're selling cable again on further rise or buy on next marginal fall as 1.5077 should hold.
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