WEEKLY GBP/USD TECHNICAL OUTLOOKLast Update At 07 Mar 2016 00:03GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.4194
55 HR EMA
1.4164
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
1.4372 - 38.2% r of 1.4672-1.3836
1.4286 - Feb 19 low (now res)
1.4249 - Last Fri's high
Support
1.4194 - Last Thur's high (now sup)
1.4178 - Hourly chart
1.4108 - Last Fri's low
. GBP/USD - 1.4216... Although cable hit a fresh 7-year bottom of 1.3836 at the start of last week, price 'reversed' its recent losing streak n gained for 5 consecutive days to as high as 1.4249 in post-NFP NY session on Fri.
. Let's look at the bigger picture 1st, cable's rally fm last Mon's 7-year trough of 1.3836 to 1.4249 Fri confirms recent strg downtrend has indeed formed a bottom there as this low was accompanied by prominent 'bullish convergences'. As long as 1.4020 (prev. res, now sup) holds, choppy consolidation with upside bias remains for further headway twd 1.4372, this is a 'minimum' 38.2% r of the intermediate fall fm 1.5240-1.3836, however, as hourly indicators would display bearish divergences on such move, reckon res at 1.4411 would remain intact this week n yield retreat. A daily close below 1.4020 anytime signals correction is over n may risk weakness to 1.3905/15.
. Today, as current price is trading abv the 21-hr & 55-hr emas, buying the pound on dips is still recommended, however, reckon 1.4290/00 may hold on 1st testing. On the downside, only below 1.4108 confirms temporary top is in place n risks stronger retracement twd 1.4020/30 later this week.
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