gbp   DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 29 Jan 2016 00:40GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.4335 

55 HR EMA
1.4308

Trend Hourly Chart
Up

Hourly Indicators
Rising fm o/s

13 HR RSI
59

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.4476 - Jan 13 high
1.4445 - Jan 14 Euroepan high
1.4408 - Y'day's high

Support
1.4340 - 38.2% r of 1.4230-1.4408
1.4283 - Prev. hourly res (now sup)
1.4230 - Wed's low

GBP/USD - 1.4358... Cable is currently one cent higher fm where it was 24 hours ago as release of U.K. GDP which showed modest economic growth quickly triggered broad-based short-covering in sterling, price rallied to 1.4408 in NY. 

. Looking at the daily chart, despite the pound's cross-inspired break of 2010 trough at 1.4228 to a 7-year bottom of 1.4080 last Thur, subsequent strg rebound to 1.4363 the next day n then rally to 1.4408 y'day confirms the recent downtrend has formed a temporary low there n choppy sideways trading is in store, as long as 1.4230 holds, gain to indicated 1.4411 obj. is envisaged but 1.4513 should cap upside, being 38.2% & 50% r respectively of the MT intermediate fall fm 1.4947 to 1.4080. On the downside, only below 1.4173 would strongly suggest said correction fm 1.4080 has ended, then re-test of 1.4080 n later twd 'psychological' target at 1.4000 would be seen in Feb. 

. Today, despite cable's intra-day retreat after y'day's anticipated rise to a fresh 1-week high of 1.4408, as current price is trading abv 21-hr n 55-hr emas, buying the pound again on dips is still favoured for gain to 1.4430/40. A firm break of 1.4283/84 any time signals top is made n risks weakness to 1.4230.gbp
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