Last Update At 18 Feb 2016 00:48GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4297
55 HR EMA
1.4340
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.4405 - Tue's low (now res)
1.4351 - Feb 08 low (now res)
1.4339 - Y'day's high
Support
1.4235 - Y'day's low
1.4197 - 50% proj. of 1.4516-1.4235 fm 1.4338
1.4149 - Jan 29 low
. GBP/USD - 1.4277...Cable swung wildly in nervous trading due to market jitter ahead of Thur's EU summit meeting. Price fell to 1.4244 n rallied to 1.43 39 in Europe but then tanked to 1.4235 in NY, then another rally back to 1.4338.
. Looking at the daily picture, although cable's erratic but strg rise fm Jan's fresh 7-year bottom at 1.4080 to as high as 1.4672 in Feb confirms recent downtrend has indeed formed a temporary low there, subsequent retreat to 1.4351 last Thur n then y'day's selloff below this sup to 1.4235 suggests aforesaid correction is over n choppy consolidation with downside bias is seen, below 1.4235 would pressure price twd 1.4193 (80.9% r of 1.4080-1.4672), however, 'bullish convergences' on the hourly indicators would keep price abv 1.4149. On the upside, a daily close abv 1.4351 indicates volatile sideways trading would be seen n may yield gain twd 1.4405, then 1.4470 but 1.4516 (y'day's high) should hold.
. Today, cable's intra-day sideways swings in NY afternoon signals initial range trading abv y'day's 1.4235 low would continue with mild upside bias, abv 1.4338/39 res would encourage for gain to 1.4351, break there signals temp. bottom is made n bring stronger retracement twd 1.4405. Below 1.4235, 1.4195/00.
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