DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Mar 2016 00:27GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.4142
55 HR EMA
1.4215
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.4230 - Y'day's high (Reuters)
1.4191 - Tue's low
1.4155 - Y'day's European sup (now res)
Support
1.4081 - Y'day's low
1.4053 - Last Wed's low
1.4019 - 01 Mar high (now sup)
. GBP/USD - 1.4113... Despite initial narrow move in Asia y'day, cable continued its recent losing streak as market fear of a 'Brexit' led to renewed broad-based selling of sterling, the pound tumbled fm 1.4230 to 1.4081 (NY).
. Looking at the hourly n daily charts, despite last week's rally to a 1-month high of 1.4514 (Fri), subsequent selloff to as low as 1.4081 y'day signals at least the 1st leg of correction fm Feb's 7-year trough at 1.3836 has ended there n consolidation with downside bias remains for weakness twds last Wed's low at 1.4053, a daily close below there would suggest correction is over n yield further losses 1.3836 in Apr. On the upside, only abv 1.4365 (previous sup, now res) would be the 1st signal pullback from 1.4514 has ended n may bring another bounce back twd 1.4514 later next week.
. Today, as current price is trading below 21-hr & 55-hr emas, selling on recovery for intra-day trade is favored, however, as hourly indicators would display 'bullish convergences' on next decline, reckon sup at 1.4053 would remain intact n bring a much-needed short-covering rebound ahead of the looming long Easter holiday. Abv 1.4200 signals temporary low is in places n yield 1.4230/40.
_20160324071652.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
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.