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.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.