DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 02 Jun 2015 00:11GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.5221
55 HR EMA
1.5261
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation b4 further fall
Resistance
1.5386 - May 28 high
1.5343 - Last Fri's high
1.5272 - Y'day's hourly res
Support
1.5170 - Y'day's low
1.5165 - May 07 low
1.5088 - May 05 low
. GBP/USD - 1.5200.. Despite staging a brief bounce fm Asian low at 1.5259 to 1.5305 on Mon, the pound tumbled in Europe after release of downbeat U.K. mfg PMI. Cable dropped to 1.5197/98 b4 staging a short-covering rebound to 1.5272 but only to fall again to session lows of 1.5171 after upbeat U.S. mfg ISM.
. On the bigger picture, although cable's rally abv Apr's 1.5498 peak at 1.5498 to as high as 1.5815 in May confirms MT downtrend fm 2014 peak at 1.7192 has formed a temporary low at 1.4566, subsequent retreat n y'day's selloff to 1.5170 strongly suggests aforesaid corrective rise fm 1.4566 has ended n the 3-legged decline fm 1.5815 is en route to 1.5043 (being 61.8% r of the entire said rise fm 1.4566) later this week. Therefore, selling the pound on recovery in anticipation of further weakness to abovementioned target is favoured. Only abv y'day's high at 1.5305 wud violate recent series of lower highs n lower lows, then risk is seen for stronger rebound to 1.5343 n 1.5386 but last Wed's high at 1.5437 shud cap upside.
. Today, as current price is trading below the 21-hr n 55-hr emas, selling cable on recovery is recommended. Only abv 1.5305 signals low, 1.5343 n 1.5386.
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