DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 26 Mar 2015 00:29GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising fm o/s
21 HR EMA
1.4882
55 HR EMA
1.4886
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
48
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5166 - Last Wed's high
1.5075 - 80.9% r of 1.51661.4689
1.4990 - Mon's high (AUS)
Support
1.4831 - Y'day's low (AUS)
1.4804 - 61.8% r of 1.4689-1.4990
1.4777 - Last Fri's Asian high
. GBP/USD - 1.4875... Although cable rebounded after meeting renewed buying at 1.4831 in Aust. on Wed n then ratcheted higher to 1.4955 in NY morning after release of downbeat U.S. durable goods order, broad-based rebound in the greenback knocked price down to 1.4860 in NY afternoon b4 moving sideways.
. The broad outlook on cable remains unchanged. As mentioned in previous update, although last Wed's rally fm 1.4635 to as high as 1.5166 confirms the LT fall fm 2014 near 6-year peak at 1.7192 has finally formed a temporary low there, the sharp retreat to 1.4689 Thur suggests choppy trading inside aforesaid 1.4635-1.5165 broad range wud continue this week, a daily close abv there wud bring stronger retracement to 1.5357, being a 'minimum' 38.2% of the intermediate fall fm 1.6525 to 1.4635. Failure to re-test 1.5166 res n subsequent breach of 1.4635 wud risk one more fall to 1.4598/1.4582 area (61.8% proj. of 1.5554-1.4635 n 61.8% proj. of 1.6525 -1.4952 fm 1.5554 respectively), however, as hourly & the daily indicators wud display bullish convergences on such move, 1.4500 wud hold.
. Today, expect further choppy trading inside 1.4635-1.5166 broad range to continue. Abv 1.4984/90 wud extend twd 1.5075, whilst below 1.4777, 1.4719.
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