DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 23 Dec 2015 00:01GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.4846
55 HR EMA
1.4978
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.4928 - Mon's high
1.4907 - Y'day's high
1.4865 - Last Thur's 7-month trough (now res)
Support
1.4806 - Y'day's 8-month low
1.4760 - 80.9% proj. of 1.5100-1.4865 fm 1.4950
1.4743 - 80.9% proj. of 1.5510-1.4896 fm 1.5240
. GBP/USD - 1.4820... Sterling continued its recent losing streak n tanked in Europe after UK public debts deepened, price penetrated last week's 1.4865 low to an 8-month trough of 1.4806 in NY afternoon b4 staging a recovery.
. On the bigger picture, y'day's cross-inspired breach of said last week's 1.4865 low a an 8-month trough of 1.4806 confirms MT downtrend fm 2015 peak at 1.5930 (Jun) has once again resumed n would yield weakness twd measured target at 1.4687 (100% proj. of 1.5930-1.5107 measured fm 1.5510) next week, however, as daily oscillator's readings would would be in oversold territory on such move, steep fall is therefore is not expected. Therefore, selling the pound on recovery is favoured n only a daily close abv 1.4950 would be the 1st signal temporary low has been made, the risk is seen for a correction twd 1.5100.
. Today, despite cable's recovery fm y'day's NY low at 1.4806, as current price is trading below the 21-hr n 55-hr emas, suggesting intra-day downside bias remains for one more fall, however, 'bullish convergences' on hourly indicators should prevent steep drop, reckon 1.4760 would hold n bring correction later today or tomorrow. We have exited previous long position for this reason.
_20151223061548.png "gbp")
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
GBP/USD rises above 1.3300 after UK Retail Sales data
GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.
USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed
USD/JPY remains in the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.
Gold consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.