DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 30 Dec 2015 00:09GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.4836
55 HR EMA
1.4864
Trend Hourly Chart
Down
Hourly Indicators
Turning up
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Resumption of recent downtrend
Resistance
1.4913 - Y'day's high
1.4874 - Mon's low (now res)
1.4831 - Y'day's reaction high fm 1.4786
Support
1.4786 - Y'day's 8-1/2 month low
1.4743 - 80.9% proj. of 1.5510-1.4876 fm 1.5240
1.4730 - 50% proj. of 1.5240-1.4806 fm 1.4947
. GBP/USD - 1.4820... Despite staging a short-covering rebound to 1.4913 in European morning on Tue, price tumbled on broad-based selling in sterling, decline accelerated after penetrating 1.4874 sup n later tanked to 1.4786 in NY.
. On the bigger picture, y'day's cross-inspired break of last week's 1.4806 low to an 8-1/2 month trough of 1.4786 confirms MT downtrend fm 2015 peak at 1.5930 (Jun) has once again resumed n would yield weakness to 1.4730 (being 50% proj. of 1.5240-1.4806 measured fm 1.4947), then twd measured target at 1.4687 (100% proj. of 1.5930-1.5107 measured fm 1.5510) in Jan, however, as daily oscillator's readings would would be in oversold territory on such move, steep fall is therefore is not expected. On the upside, only a daily close abv 1.4874 would be the 1st signal temporary low is in place n yield correction twd 1.4947.
. Today, as current price is trading below the 21-hr & 55-hr emas, selling the pound on intra-day recovery is favoured, however, as hourly indicators would display 'bullish convergences' on next fall, reckon 1.4730 may hold on 1st testing n risk has increased for a correction to take place. Abv 1.4874 signals a temporary low is made n yields stronger retracement to 1.4910/13.
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