Last Update At 18 Feb 2016 00:48GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4297
55 HR EMA
1.4340
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.4405 - Tue's low (now res)
1.4351 - Feb 08 low (now res)
1.4339 - Y'day's high
Support
1.4235 - Y'day's low
1.4197 - 50% proj. of 1.4516-1.4235 fm 1.4338
1.4149 - Jan 29 low
. GBP/USD - 1.4277...Cable swung wildly in nervous trading due to market jitter ahead of Thur's EU summit meeting. Price fell to 1.4244 n rallied to 1.43 39 in Europe but then tanked to 1.4235 in NY, then another rally back to 1.4338.
. Looking at the daily picture, although cable's erratic but strg rise fm Jan's fresh 7-year bottom at 1.4080 to as high as 1.4672 in Feb confirms recent downtrend has indeed formed a temporary low there, subsequent retreat to 1.4351 last Thur n then y'day's selloff below this sup to 1.4235 suggests aforesaid correction is over n choppy consolidation with downside bias is seen, below 1.4235 would pressure price twd 1.4193 (80.9% r of 1.4080-1.4672), however, 'bullish convergences' on the hourly indicators would keep price abv 1.4149. On the upside, a daily close abv 1.4351 indicates volatile sideways trading would be seen n may yield gain twd 1.4405, then 1.4470 but 1.4516 (y'day's high) should hold.
. Today, cable's intra-day sideways swings in NY afternoon signals initial range trading abv y'day's 1.4235 low would continue with mild upside bias, abv 1.4338/39 res would encourage for gain to 1.4351, break there signals temp. bottom is made n bring stronger retracement twd 1.4405. Below 1.4235, 1.4195/00.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates
_20160218072815.png "gbp")
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.