DAILY GBP/USD TECHNICAL OUTLOOK Last Update At 01 Mar 2016 00:32GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.3905
55 HR EMA
1.3915
Trend Hourly Chart
Down
Hourly Indicators
Rising
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Resumption of MT uptrend
Resistance
1.4043 - Last Fri's high
1.3997 - Last Thur's high
1.3947 - Y'day's high
Support
1.3900 - Last Thur's low
1.3854 - Last Fri's low
1.3836 - Y'day's fresg 7-year low
. GBP/USD - 1.3933... The British pound rose fm Asian low at 1.3841 to 1.3915 at European open b4 falling to a fresh 7-year low at 1.3836 on cross- selling of sterling. Later, cable pared its losses n rallied to 1.3947 in NY.
. Looking at the bigger picture 1st, last week's break of Jan's 1.4080 low (now res) to 1.3878 on Wed, then a fresh 7-year trough of 1.3836 y'day confirms sterling's long-term downtrend remains in progress n price is now en route to 1.3788, being 61.8% project. of the intermediate fall fm 1.5510 (2015 Oct top) to 1.4080 measured fm 1.4672. Having said that, as the hourly & daily indicators would display 'bullish convergences' on such move, steep fall may not be seen this week ahead of release of key U.S. jobs data on Fri n reckon 1.3670 (2.236 times extension of 1.5930-1.5107 fm 1.5510) would hold. On the upside, only abv 1.4080 would indicate temporary low in in place n risk retracement twd 1.4168.
. Today, although y'day's rebound fm 1.3836 suggests choppy trading wud be seen n marginal gain is likely, abv res 1.3997 is needed to extend twd 1.4043. As said y'day's low was accompanied by 'bullish convergences' on hourly oscillators, current rising indicators suggest buying on dips is favoured.
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