WEEKLY GBP/USD TECHNICAL OUTLOOKLast Update At 15 Feb 2016 00:15GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4496
55 HR EMA
1.4488
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.4649 - Feb 03 high
1.4592 - Feb 05 NY high
1.4579 - Last Wed's high
Support
1.4443 - Last Fri's low
1.4383 - Last Thur's low
1.4351 - Last Mon's low
. GBP/USD - 1.4507... Despite extending decline fm Feb's 1.4672 top to 1.4351 at the start of last week, cable swing wildly on daily basis for rest of the week inside a broad range of 1.4351-1.4579.
. Looking at the daily picture, although cable's erratic but strg rise fm Jan's fresh 7-year bottom at 1.4080 to as high as 1.4672 in Feb confirms recent downtrend has indeed formed a temporary low there, subsequent retreat to 1.4351 despite last week's rally to as high as 1.4672 last Mon signals 1st leg of correction fm 1.4080 is over n choppy consolidation with downside bias is seen, below 1.4351 would pressure price to 1.4306 (61.8% r fm 1.4080-1.4672), however, reckon 1.4243 sup would hold n yield rebound later this week. On the upside, a daily close abv Wed's high at 1.4579 wud indicate aforesaid pullback has ended instead n turn outlook bullish for gain to 1.4672.
. Today, cable's daily swings seen in last 5 days last week are likely to continue n as long as strg res at 1.4571/79 holds, consolidation with downside bias remains, below 1.4443 (Fri's NY low) would encourage for further weakness twd 1.4383. Only abv 1.4579 risks stronger gain to 1.4592, then 1.4613.
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