gbp   DAILY GBP/USD TECHNICAL OUTLOOK 

Last Update At 02 Feb 2016 00:05GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.4355

55 HR EMA
1.4319

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
71

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.4513 - 50% r of 1.4947-1.4080
1.4476 - 13 Jan high
1.4444 - Y'day's high

Support
1.4367 - Last Tue's high (now sup)
1.4322 - Y'day's European res (now sup)
1.4243 - Y'day's low


. GBP/USD - 1.4425... Cable briefly rose to 1.4322 in Europe on upbeat UK mfg PMI data b4 retreating to 1.4243. However, renewed buying there lifted price n cable surged to session high at 1.4444, partly due to cross-buying in eur/gbp.

On the bigger picture 1st, despite early cross-inspired breach of 2010 trough at 1.4228 to a 7-year bottom of 1.4080 in Jan, subsequent erratic but strg rise back to 1.4413 last Fri, then 1.4444 y'day confirms recent downtrend has made a temporary low there n consolidation with upside bias wud be seen for gain twds 1.4476 (13 Jan top), then twds 1.4513, being the 'natural' 50% retrace. of intermediate fall fm 1.4947 to 1.4080, later this week. Having said that, as hourly indicators wud be in o/bot territory on such move, strg gain abv there is unlikely to be seen n reckon res 1.4560 wud remain intact. On the downside, only below 1.4243 wud indicate aforesaid correction is over, 1.4149.

Today, in view of abv analysis, we are looking to buy on dips initially for gain twds 1.4480 or sell if price rise as o/bot condition wud keep price below 1.4513. Below 1.4322 wud indicate a temp. top has been made n yield retrace. twds 1.4270/80 but sup 1.4243 shud remain intact today.gbp

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