DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Nov 2014 23:59GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5685
55 HR EMA
1.5676
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with mild downside bias
Resistance
1.5790 - Nov 07 low
1.5768 - 50% r of 1.5945-1.5590
1.5737 - Last Mon's n Thur's high
Support
1.5672 - Y'day's NY hourly sup
1.5626 - Last Fri's low
1.5590 - Last Wed's fresh 14-mth low
. GBP/USD - 1.5695 ... Despite opening lower to 1.5633 in New Zealand on Mon, the British pound rebounded to 1.5673 at European open, however, price briefly retreated to 1.5629 in tandem with eur/usd before rising to 1.5694 in NY morning. Cable later climbed to session high of 1.5715 b4 easing.
. Y'day's strg rebound fm 1.5630 to 1.5715 suggests 'choppy' trading abv last Wed's 14-month trough of 1.5590 wud continue, however, as long as res at 1.5737 (last Mon's n Thur's high) holds, downside bias remains for MT downtrend fm Jul's near 6-year peak at 1.7192 to resume after consolidation, yield re-test of 1.5590 sup later, however, break needed to extend weakness to 1.5560, then 1.5518 (being 50% & 61.8% proj. respectively of 1.5945-1.5590 measured fm 1.5737), however, a daily technical indicators wud display 'bullish convergences' on such move, reckon 1.5346 wud contain weakness, this is the 'dynamic' 61.8% r of entire LT rise fm 1.3500 (2009 multi-decade low) to 1.7192.
. Today, we're cautiously holding a short position in anticipation of a retreat to 1.5630. On the upside, a daily close abv 1.5737 wud risk stronger retracement to 1.5818 (38.2% r of 1.6186-1.5590) b4 prospect of another decline.
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