DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 28 Apr 2016 00:19GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.4555
55 HR EMA
1.4539
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.4672 - 04 Fed high
1.4640 - Tue's high
1.4578 - Y'day's hourly res
Support
1.4474 - Y'day's low
1.4440 - Last Thur's high (now sup)
1.4403 - Mon's low
GBP/USD - 1.4549... Although price rose to 1.4622 in Europe, the British pound fell briefly to 1.4547 b4 recovering to 1.4619 on in-line UK GDP data. Later, cable spiked down to 1.4474 on Fed's statement b4 rebounding strongly.
. Let's look at the bigger picture 1st, last week's rally to 1.4452, then Mon's rise abv Mar's high at 1.4514 to 1.4640 Tue signals the erratic upmove fm Feb's 7-year trough at 1.3836 has once again resumed n consolidation with upside bias would be seen for gain twds 1.4649 (Feb 03 high), then to daily res at 1.4672 early next month. Having said that, near term loss of momentum would prevent steep move beyond there n yield a much-needed correction. On the down- side, only a daily close below Mon's low at 1.4403 would indicate a temporary top has been made n turn outlook bearish for a stronger retracement twds 1.4371, then 1.4300 (last Thur's low) b4 prospect of a rebound.
. Today, although y'day's retreat suggests initial choppy trading below Tue's 10-week high at 1.4640 wud continue, reckon sup at 1.4403 wud hold n yield rebound later. On the upside, only abv 1.4622 wud confirm said pullback is over n bring re-test of said res, break wud yield 1.4672._20160428084030.png)
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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.