DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At
10 Jan 2013 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6029
55 HR EMA
1.6050
Trend Hourly Chart
Near term down
Hourly Indicators
Oversold
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Marginal weakness b4 rebound
Resistance
1.6129 - Tue's high
1.6075 - Y'day's high
1.6033 - Y'day's NY high
Support
1.5992 - Y'day's low
1.5962 - Nov 28 low
1.5920 - Nov 22 NY low
. GBP/USD - 1.6013 ... The British pound tracked euro's movement closely y'day as cable met renewed selling at 1.6075 in Europe n then extended recent decline to a low of 1.5992 in part due to active cross selling in sterling (eur/gbp rose fm 0.9134 to 0.9163) b4 recovering to 1.6033 in late NY.
. Looking at the hourly chart, as cable has remained under pressure, suggesting as long as y'day's high of 1.6075 holds, the decline fm last Wed's 15- month high of 1.6380 may extend marginally twds previous daily sup at 1.5962 (Nov 28 low), however, bullish convergences on hourly oscillators shud limit downside to 1.5944, being 50% projection fm 1.6380-1.6010 measured fm 1.6129, n bring a much-needed strg rebound later today or tom. On the upside, a breach of 1.6075 wud confirm a temp. low is made n may bring rebound to 1.6129 res, abv wud encourage for further gain to 1.6232 (61.8% r of 1.6380-1.5992).
. Today, selling on intra-day recovery in anticipation of such marginal weakness is recommended n position traders may turn long there for prospect of a much-needed strg rebound. Only below 1.5944 wud risk weakness to 1.5900.
Last Update At
10 Jan 2013 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6029
55 HR EMA
1.6050
Trend Hourly Chart
Near term down
Hourly Indicators
Oversold
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Marginal weakness b4 rebound
Resistance
1.6129 - Tue's high
1.6075 - Y'day's high
1.6033 - Y'day's NY high
Support
1.5992 - Y'day's low
1.5962 - Nov 28 low
1.5920 - Nov 22 NY low
. GBP/USD - 1.6013 ... The British pound tracked euro's movement closely y'day as cable met renewed selling at 1.6075 in Europe n then extended recent decline to a low of 1.5992 in part due to active cross selling in sterling (eur/gbp rose fm 0.9134 to 0.9163) b4 recovering to 1.6033 in late NY.
. Looking at the hourly chart, as cable has remained under pressure, suggesting as long as y'day's high of 1.6075 holds, the decline fm last Wed's 15- month high of 1.6380 may extend marginally twds previous daily sup at 1.5962 (Nov 28 low), however, bullish convergences on hourly oscillators shud limit downside to 1.5944, being 50% projection fm 1.6380-1.6010 measured fm 1.6129, n bring a much-needed strg rebound later today or tom. On the upside, a breach of 1.6075 wud confirm a temp. low is made n may bring rebound to 1.6129 res, abv wud encourage for further gain to 1.6232 (61.8% r of 1.6380-1.5992).
. Today, selling on intra-day recovery in anticipation of such marginal weakness is recommended n position traders may turn long there for prospect of a much-needed strg rebound. Only below 1.5944 wud risk weakness to 1.5900.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.