DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 10 Mar 2016 00:07GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.4213
55 HR EMA
1.4209
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
1.4307 - Feb 22 high
1.4284 - Mon's high
1.4241 - Y'day's high
Support
1.4174 - Tue's low
1.4134 - Mon's low
1.4060 - 50% r of 1.3836-1.4284
. GBP/USD - 1.4203... Although the pound rebounded fm Asian low at 1.4178 to 1.4241 in European morning on Wed, cable dropped to 1.4188 in NY morning. Later, price staged a recovery to 1.4239 on cross-buying of gbp b4 retreating.
. On the bigger picture 1st, cable's rally fm last Mon's 7-year trough of 1.3836 to 1.4249 Fri confirms recent strg downtrend has indeed formed a bottom there as this low was accompanied by prominent 'bullish convergences' on daily indicators. As long as 1.4020 (prev. res, now sup) holds, choppy consolidation with upside bias remains for further headway twd 1.4372, this is a 'minimum' 38.2% r of the intermediate fall fm 1.5240-1.3836, however, as hourly indicators would display 'bearish divergences' on such move, reckon res at 1.4411 would remain intact this week n yield retreat. A daily close below 1.4020 any time signals correction is over n may risk weakness to 1.3905/15.
. Today, cable's sideways swings in last 2 days following early retreat fm Mon's 2-week high of 1.4284 to 1.4174 (Tue) are expected to continue, abv 1.4241/49 res needed to bring re-test of 1.4284, then marginal gain twd 1.4305/10. Below 1.4174 would bring stronger retracement to 1.4134 n possibly 1.4108.
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