DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 27 Nov 2015 00:11GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5103
55 HR EMA
1.5109
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5190 - Mon's high
1.5156 - Tue's high
1.5136 - Wed's high
Support
1.5053 - Tue's low
1.5027 - Nov 6 5-month low
1.4966 - 70.7% r of 1.4566-1.5930
. GBP/USD - 1.5118... Cable went through another rollar-coaster session on Thur. Despite retreating fm Asian 1.5132 high to 1.5066 in Europe, renewed cross-buying in sterling later lifted price to 1.5128 in thin N. American trading.
. Looking at the bigger picture, despite cable's early rally fm Nov's 5-month trough at 1.5027 to as high as 1.5336 last week, subsequent retreat n then the sharp fall seen in Mon n Tue sessions signals aforesaid correction has ended n re-test of 1.5027 is on the cards after consolidation, a break there would confirm decline fm 2015 peak at 1.5930 (Jun) to retrace MT upmove fm Apr's near 5-year bottom at 1.4566 has resumed n would pressure price to 1.4966, being 70.7% r of 1.5027-1.5336. On the upside, a daily close abv 1.5156 would confirm a temporary low is made n yield stronger gain to 1.5190 but 1.5250/55 should hold.
. Today, y'day's intra-day rebound fm 1.5067 to 1.5128 suggests further choppy trading abv said Tue's 2-trough low at 1.5053 would continue ahead of UK Q3 GDP n as long as said temp. low holds, neat term upside bias remains for another corrective bounce twd 1.5156 but res at 1.5190 should cap upside. We're holding a long position for this move. Below 1.5053 yields 1.5027, 1.4966/70.
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