DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 15 Apr 2016 00:22GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.4153
55 HR EMA
1.4177
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
38
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
1.4280 - Wed's high
1.4260 - Wed's hourly res
1.4197 - Tue's low (now res)
Support
1.4091 - Y'day's low
1.4041 - Last Thur's low
1.4005 - Last Wed's low
. GBP/USD - 1.4140... The British pound tumbled fm Aust. 1.4209 high to 1.4091 in European morning on cross-selling of sterling b4 staging a rebound to 1.4178. Later, price retreated to 1.4116 in NY morning n then moved sideways.
. Looking at the hourly n daily charts, despite cable's strg rebound fm last week's 1-month low at 1.4005 to 1.4348 Tue, subsequent retreat suggests consolidation with downside bias wud be seen n price is now en route for a re- test of said sup early next week, a break there wud confirm the corrective rise fm Feb's 7-year low at 1.3836 has ended at 1.4514 in Mar n yield stronger weakness twds 1.3904 (01 Mar low). However, aforesaid trough shud hold on 1st testing n yield rebound later this month. On the upside, only abv Tue's high at 1.4348 wud indicate the pullback fm 1.4514 has ended at 1.4005 instead n turn outlook bullish for gain twds 1.4426, then 1.4459.
. Today, in view of abv bearish analysis, we are looking to sell on pull- back n wud look to exit on next decline as sup 1.4041 wud remain intact today n yield recovery. On the upside, only a daily close abv 1.4197 wud dampen this bearish scenario n risk stronger gain, however, res at 1.4280 wud remain intact._20160415074526.png)
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