DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 05 Nov 2015 00:58GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.5394
55 HR EMA
1.5402
Trend Hourly Chart
Sideways
Hourly Indicators
Rising fm o/s
13 HR RSI
38
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5498 - Mon's high
1.5468 - Last Fri's high
1.5446 - Y'day's high
Support
1.5360 - Tue's low
1.5340 - 61.8% r of 1.5243-1.5498
1.5308 - Last Fri's low
. GBP/USD - 1.5377... Although cable rose briefly to 1.5346 in Europe Wed after upbeat UK service PMI, usd's broad-based rebound pushed price lower, the pound tumbled to as low as 1.5461 in NY afternoon b4 staging a minor recovery.
. On the bigger picture, although cable's retreat fm Oct's 1.5510 high to 1.5243 last Thur signals 1st leg of correction fm Oct's 4-month trough at 1.5107 has ended there, Fri's cross-inspired rally to 1.5468, then 1.5498 Mon signals choppy sideways trading is in store in next few sessions n as long as 1.5308 sup holds, upside bias remains for a re-test of 1.5510 where a break there would bring stronger retracement of the entire erratic fall fm 1.5930 (Jun) to 1.5107 twd 1.5616 (being 61.8% r), however, reckon daily res at 1.5659 (Sep high) would cap upside n yield subsequent decline. On the downside, a daily close below 1.5308 would signal correction fm 1.5243 is over n yield weakness twd pivotal sup at 1.5201, break would bring re-test of 1.5107.
. Today, y'day's selloff fm 1.5446 to 1.5361 signals choppy trading below 1.5498 ahead of BoE's 'Super Thur' n as long as 1.5446 holds, weakness twd 1.5308 is likely. Abv said y'day's high may risk another rise fm 1.5480/90.
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