DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 23/04/2015 00:32 GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.5014
55 HR EMA
1.4973
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
61
14 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal rise
Resistance
1.5166 - Mar 18 high
1.5101 - 50% proj. of 1.4566-1.5053 fm 1.4857
1.5080 - Y'day's high
Support
1.5011 - Reaction low fm 1.5080
1.4973 - Tue's high, now sup
1.4914 - Y'day's low
. GBP/USD - 1.5030.. Cable found renewed buying interest at 1.4914 in Asia y'day n jumped to 1.5047 in Europe after release of upbeat MPC minutes. Sterling later rallied to session high of 1.5080 at NY open b4 retreating to 1.5011.
. Looking at the bigger picture 1st, cable's rally fm last Mon's near 5- year trough of 1.4566 to as high as 1.5080 y'day confirms downtrend fm 2014 near 6-year peak at 1.7192 has indeed made a low there as this lvl was accompanied by 'bullish convergences' on both hourly & daily indicators n consolidation with upside bias remains. A daily close abv 1.5166 wud retain bullish prospect for further headway to 1.5314 n possibly twd 1.5545, being a 'minimum' 38.2% r n 50% r respectively of intermediate decline fm 1.6525-1.4566 next month. Wed's cross-inspired rally abv last Fri's low of 1.5053 to 1.5080 signals aforesaid upmove fm 1.4566 has resumed n despite subsequent retreat to 1.5011, as long 1.4973(prev. res, now sup) holds, outlook remains bullish for gain twd 1.5166. A daily close below 1.4973 signals 1st leg of correction over n risk retrace. to 1.4857.
. Today, as current price is trading abv the 21-hr & 55-hr emas, buying cable again on dips is the way to go but abv 1.5080 needed to yield 1.5100/10.
_20150423072758.png "gbp")
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