DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 18 Nov 2015 00:17GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.5208
55 HR EMA
1.5205
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
One more rise b4 strg retreat
Resistance
1.5302 - 61.8% proj. of 1.5027-1.5265 fm 1.5155
1.5265 - Last Fri's high
1.5247 - Last Thur's high
Support
1.5182 - Mon's low
1.5155 - Y'day's low
1.5133 - Last Wed's European low
. GBP/USD - 1.5217... The British pound fell in tandem with euro to session lows of 1.5155 in European morning on Tue b4 rebounding to 1.5217 after inline UK inflation data, price later climbed to 1.5239 n NY b4 retreating.
. On the bigger picture, although cable's break of Sep/Oct's low at 1.5107 to 1.5027 in the 1st week of Nov signals correction fm 2015 near 5-year low at 1.4566 (Apr) has ended earlier at 1.5930 (May) n weakness to 1.4966, then 1.4827
would be seen, being 70.7% n 80.9% retracements respectively of aforesaid upmove fm 1.4566 to 1.5930. Having said that, last week's stronger-than-expected rise to 1.5265 suggests decline fm 1.5930 (Jun) has made a temporary low n 1.5295/00 needs to hold for prospect of another fall. Abv 1.5300 would risk stronger correction to 1.5335 but 1.5372 (38.2% r of 1.5930 to 1.5027) should remain intact.
. Today, cable's rally fm y'day's 1.5155 to as high as 1.5239 suggests pull back fm 1.5265 (Fri) has ended n said corrective rise fm 1.5027 may resume, abv 1.5242/47 would confirm this view, however, as hourly indicators would display 'bearish divergences' on next rise, reckon 1.5302 would cap upside n yield strg retracement of indicated upmove fm 1.5027 later.
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