DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 02 Dec 2015 00:28GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5075
55 HR EMA
1.5070
Trend Hourly Chart
Sideways
Hourly Indicators
Turning down
13 HR RSI
49
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5190 - Last Mon's NY high
1.5136 - Last Wed's high
1.5126 - Y'day's high
Support
1.5051 - Y'day's low
1.5027 - Nov 6 low
1.4994 - Mon's fresh 6-1/2-month low
. GBP/USD - 1.5077... Although cable ratcheted higher fm 1.5052 shortly after Asian open y'day n rose to 1.5136 in European morning, downbeat UK mfg PMI knocked price down to 1.5060 in NY morning, then 1.5051 b4 recovering.
. On the bigger picture, Mon's breach of previous Nov's low at 1.5027 to a 6-1/2 month trough at 1.4994 confirms early decline fm 2015 peak at 1.5930 (Jun) to retrace MT upmove fm Apr's near 5-year bottom at 1.4566 has resumed n would pressure price to 1.4966 after consolidation, being 70.7% r of 1.5027-1.5336, then later twd 1.4844 (80.9% r). Despite cable's rebound fm 1.4994, as long as res at 1.5136 holds, bearishness remains for price to head to indicated down-side targets. Only a daily close abv 1.5136 would confirm a temporary low is made n may risk stronger gain to 1.5190 but 1.5250/55 should hold.
. Today, y'day's strg retreat fm 1.5126 to 1.5051 signals the 1st leg of correction fm aforesaid 6-1/2 month bottom at 1.4994 has ended n choppy sideways trading with downside bias is in store for weakness twd 1.5027 b4 prospect of another rebound but only abv 1.5126/36 res would yield stronger correction to 1.5156 n later twd 1.5190. We're trading cable on both sides of the market.
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