DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 30 Oct 2015 00:31GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.5299
55 HR EMA
1.5299
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
68
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.5418 - Last Fri's high
1.5383 - Mon's high (NY)
1.5347 - Wed's high
Support
1.5377 - Wed's low
1.5243 - Y'day's fresh 2-week low
1.5201 - Oct 13 low
. GBP/USD - 1.5327... Cable traded sideways in Asia on Thur n briefly fell to a fresh 2-week low of 1.5243 in NY morning on cross-selling in sterling, however, short-covering sent price sharply higher to 1.5322 in NY afternoon.
. The bigger picture remains unchanged where the pound's reversal fm last Thur's 5-week peak of 1.5510 signals recent erratic rise fm Oct's 4-month trough at 1.5107 has ended there n consolidation with downside bias remains for further weakness to daily pivotal sup at 1.5201. A daily close below said level would retain bearishness for a re-test of 1.5107 in Nov. Therefore, selling the pound on recovery is recommended for the week. On the upside, only a move back abv 1.5383 would signal temporary low is in place n yield a few days of choppy consolidation but 1.5418 should cap upside n yield another leg of decline twd 1.5201 in the early part of Nov.
. Today, as y'day's 1.5243 low was accompanied by 'bullish convergences', subsequent rally signals aforesaid fall fm 1.5510 has made a temporary bottom n 1-2 days of consolidation with upside bias is in store. we're buying the pound on dips but abv 1.5383 needed to extend twd 1.5808 (61.8% r fm 1.5510).
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