DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 05 Apr 2016 00:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.4262
55 HR EMA
1.4273
Trend Hourly Chart
Down
Hourly Indicators
Turning down
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.4426 - Last Thur's high
1.4373 - Last Fri's high
1.4322 - Y'day's high
Support
1.4243 - Y'day's Asian res (now sup)
1.4191 - Y'day's low
1.4171 - Last Fri's low
. GBP/USD - 1.4279... Although the British pound weakened to session low at 1.4191 in European morning, price rallied to an intra-day high at 1.4322 in NY morning on cross-buying in sterling (esp. vs euro) b4 retreating.
. Looking at daily chart, cable's sharp retreat fm 1.4514 in mid-Mar to as low as 1.4056 confirms early correction fm Feb's 7-year bottom at 1.3836 has ended there, however, subsequent rebound to 1.4459 last week suggests further volatile trading abv 1.3836 is likely to continue n price well 'gyrate' inside said broad range with a neutral bias. Having said that, as long as 1.4459 holds, weakness twd key sup at 1.4053/56 may be seen, a daily close below there would turn outlook bearish for decline twd 1.3836 later. On the upside, abv 1.4459 would bring re-test of 1.4514 where a break there would shift risk to upside n yield stronger retracement twd next chart target at 1.4672 (Feb's high).
. Today, although y'day's rebound suggests further choppy trading abv sup 1.4056 continue with mild upside bias, reckon price wud hold well below res 1.4426. Hence we are looking to buy on intra-day pullback n wud look to exit on next rebound. On the downside, only below 1.4171 would risk weakness to 1.4110.
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 eases to near 1.0850 on renewed USD strength
EUR/USD stays under modest bearish pressure, battling 1.0850 in the European session on Tuesday. The renewed USD strength weighs on the pair. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.
USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions
USD/JPY preserves its bullish momentum after breaking above 150.00 with the 'sell the fact' reaction to the Bank of Japan's decision to end negative interest rates. In the post-meeting press conference, Governor Ueda said they will consider options for easing broadly, including ones used in the past if needed.
Gold price struggles to lure buyers, holds steady above one-week low ahead of FOMC meeting
Gold price ticks lower amid reduced Fed rate cut bets, elevated US bond yields and stronger USD. Geopolitical tensions could lend some support to the safe-haven XAU/USD and help limit losses.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Canada CPI Preview: Inflation pickup could scale back bets on early interest-rate cut
The Canadian Consumer Price Index is expected to have risen by 3.1% YoY in February. The BoC shows no rush to lower its interest rate. The Canadian Dollar maintains its multi-day lows against the US Dollar around 1.3540.