DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Jul 2014 00:46GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
1.7044
55 HR EMA
1.7058
Trend Hourly Chart
Down
Hourly Indicators
Tirning up
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.7151 - Last Wed's high
1.7118 - Last Fri's high
1.7095 - Y'day's high
Support
1.7024 - Y'day's low
1.7007 - Jun 27 low
1.6952 - Jun 25 low
. GBP/USD - 1.7036 ... Although the pound staged a brief bounce to 1.7095 on selling of eur/gbp cross, selling interest quickly emerged as BoE minutes did not give hints of a rate hike by year end n cable tumbled 1.7030, then to session low of 1.7024 in NY morning b4 recovering to 1.7051.
. Looking at daily picture, y'day's breach of last Fri's 1.7037 low to 1.7024 confirms the erratic decline fm last Tue's near 6-year peak of 1.7192 to retrace MT uptrend has resumed n further weakness to minor daily sup at 1.7007 is now envisaged after minor consolidation, below wud bring stronger correction twd 1.6942, being a natural 50% r of intermediate rise fm 1.6693-1.7180, later.
On the upside, only a move back abv 1.7095/99 res wud signal aforesaid pullback fm 1.7192 has ended and may bring risk stronger gain to 1.7118 but reckon res at 1.7151 wud cap upside this week.
. In view of abv bearish analysis, selling cable on intra-day recovery in anticipation of further decline is favoured. Only a daily close abv 1.7095/99 res wud signal a temporary low is made. Pay attention to the release of U.K. retail sales data at 08:30GMT.
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