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DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At
17 Jan 2013 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6013
55 HR EMA
1.6141
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/sold
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.6102 - Tue's NY high
1.6080 - Y'day's high
1.6054 - Hourly res
Support
1.5975 - Y'day's low
1.5962 - Nov 28 low
1.5927 - Nov 27 low
GBP/USD - 1.5985 ... The pound also fluctuated wildly in tandem with euro y'day. Cable met renewed selling at 1.6080 in Asian morning n nose-dived to 1.60 03 in European morning b4 staging a brief but strg bounce to 1.6054 on short- covering. Price later tumbled to a 6-week low of 1.5975 in NY b4 recovering.
Y'day's breach of 1.5992 (Jan 09 low) to 1.5975 confirms recent decline fm Jan's 15-month high of 1.6380 to retrace MT uptrend fm 1.5270 (Jun) has once again resumed n as long as 1.6054 res holds, bearishness remains for another drop to 1.5956/62 ('minimum' 38.2% r of 1.5270-1.6380 n chart sup resp.), below wud encourage for further weakness twds 1.5927/42, being Nov 27 low n 38.2% r of 1.5234 (2012 low in Jan) to 1.6380 respectively, however, as hourly oscillators wud display 'bullish convergences' on next fall, steep decline below latter lvl is unlikely n reckon 1.5900 wud contain downside n yield rebound later.
In view of the abv analysis, selling cable on intra-day recovery in anti- cipation of further weakness is recommended. On the upside, a daily close abv res at 1.6102 wud confirm temp. low is made n risk stronger gain twd 1.6177/82.
Last Update At
17 Jan 2013 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6013
55 HR EMA
1.6141
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/sold
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.6102 - Tue's NY high
1.6080 - Y'day's high
1.6054 - Hourly res
Support
1.5975 - Y'day's low
1.5962 - Nov 28 low
1.5927 - Nov 27 low
GBP/USD - 1.5985 ... The pound also fluctuated wildly in tandem with euro y'day. Cable met renewed selling at 1.6080 in Asian morning n nose-dived to 1.60 03 in European morning b4 staging a brief but strg bounce to 1.6054 on short- covering. Price later tumbled to a 6-week low of 1.5975 in NY b4 recovering.
Y'day's breach of 1.5992 (Jan 09 low) to 1.5975 confirms recent decline fm Jan's 15-month high of 1.6380 to retrace MT uptrend fm 1.5270 (Jun) has once again resumed n as long as 1.6054 res holds, bearishness remains for another drop to 1.5956/62 ('minimum' 38.2% r of 1.5270-1.6380 n chart sup resp.), below wud encourage for further weakness twds 1.5927/42, being Nov 27 low n 38.2% r of 1.5234 (2012 low in Jan) to 1.6380 respectively, however, as hourly oscillators wud display 'bullish convergences' on next fall, steep decline below latter lvl is unlikely n reckon 1.5900 wud contain downside n yield rebound later.
In view of the abv analysis, selling cable on intra-day recovery in anti- cipation of further weakness is recommended. On the upside, a daily close abv res at 1.6102 wud confirm temp. low is made n risk stronger gain twd 1.6177/82.
