DAILY GBP/USD TECHNICAL OUTLOOK Last Update At 04 Feb 2016 00:28GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4538
55 HR EMA
1.4462
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
66
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.4716 - 04 Jan high
1.4660 - 50% r of 1.5240-1.4080
1.4649 - Y'day's high
Support
1.4560 - Y'day's hourly sup
1.4447 - Tue's high (now sup)
1.4385 - Y'day's low
. GBP/USD - 1.4595... Despite initial fall to 1.4385 in Europe, the British pound surged to 1.4603 at NY midday b4 rising further to a near 1-month high at 1.4649 in NY afternoon on dlr's selloff due to Dudley's comments.
. 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 rally to as high as 1.4649 y'day confirms MT downtrend has made a temporary low there n consolidation with upside bias wud be seen for gain twds 1.4660, being the 'natural' 50% r of intermediate fall fm 1.5240-1.4080, then to 1.4716 (04 Jan top) later this week. Having said that, as hourly indicators wud be in o/bot territory on such move, strg rise abv there is unlikely to be seen n reckon price wud hold well below 1.4797 (61.8% r of 1.5240-1.4080). On the downside, only below 1.4447 (prev. res, now sup) wud indicate the 1st leg of correction is over instead n turn outlook bearish for weakness twds 1.4327 (Tue's low).
. Today, in view of abv analysis, we are buying on dips for gain twds 1.4660 n wud look to exit on next rise as res 1.4716 shud remain intact today. Only below 1.4560 wud indicate a temp. top is possibly made, risk 1.4447.
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