DAILY GBP/USD TECHNICAL OUTLOOK Last Update At 02 Feb 2016 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4355
55 HR EMA
1.4319
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
71
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.4513 - 50% r of 1.4947-1.4080
1.4476 - 13 Jan high
1.4444 - Y'day's high
Support
1.4367 - Last Tue's high (now sup)
1.4322 - Y'day's European res (now sup)
1.4243 - Y'day's low
. GBP/USD - 1.4425... Cable briefly rose to 1.4322 in Europe on upbeat UK mfg PMI data b4 retreating to 1.4243. However, renewed buying there lifted price n cable surged to session high at 1.4444, partly due to cross-buying in eur/gbp.
On the bigger picture 1st, despite early cross-inspired breach of 2010 trough at 1.4228 to a 7-year bottom of 1.4080 in Jan, subsequent erratic but strg rise back to 1.4413 last Fri, then 1.4444 y'day confirms recent downtrend has made a temporary low there n consolidation with upside bias wud be seen for gain twds 1.4476 (13 Jan top), then twds 1.4513, being the 'natural' 50% retrace. of intermediate fall fm 1.4947 to 1.4080, later this week. Having said that, as hourly indicators wud be in o/bot territory on such move, strg gain abv there is unlikely to be seen n reckon res 1.4560 wud remain intact. On the downside, only below 1.4243 wud indicate aforesaid correction is over, 1.4149.
Today, in view of abv analysis, we are looking to buy on dips initially for gain twds 1.4480 or sell if price rise as o/bot condition wud keep price below 1.4513. Below 1.4322 wud indicate a temp. top has been made n yield retrace. twds 1.4270/80 but sup 1.4243 shud remain intact today.
_20160202070227.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
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
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.