DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 07 Oct 2015 00:11GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.5208
55 HR EMA
1.5189
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+v3
Daily Analysis
Sideways
Resistance
1.5330 - Sep 15 low, now res
1.5290 - Sep 24 high
1.5245 - Mon's high
Support
1.5181 - Y'day's European morning high (now sup)
1.5137 - Mon's NY low (Reuters)
1.5107 - Last Wed's n Thur's fresh 4-1/2 month trough
. GBP/USD - 1.5128... Despite trading sideways in Asia y'day following early fall fm 1.5245 (Fri) to 1.5130 on Tue, intra-day gain in euro lifted the pound n price later rallied to 1.5244 due to dlr's broad-based weakness in NY.
. On the bigger picture, despite cable's rebound fm last week's 4-1/2 bottom at 1.5107 to 1.5238 Fri n then marginally higher to 1.5245 Mon, subsequent retreat suggests as long as said reaction high holds, the early erratic decline fm Jun's 7-month peak at 1.5930 to correct medium-term rise fm 2015 near 5-year bottom at 1.4566 (Apr) would pressure price to 1.5087/1.5088, being 61.8% r of aforesaid rise n May's low respectively. However, as both hourly & daily technical indicators would display 'bullish convergences' on such move, reckon psychological level at 1.5000 would hold on 1st testing this week n bring rebound later. On the upside, a daily close abv 1.5261 would signal temporary low is made, risk stronger gain to 1.5290, break would extend twd 1.5330.
. Today, as cable has maintained a firm undertone following y'day's rally to 1.5244, buying on dips for intra-day trade is favoured but abv 1.5261 needed to extend twd 1.5290. Below 1.5181 anytime signals top is made, 1.5130/40 later.
_20151007064302.png "gbp")
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.