DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 28 Apr 2016 00:19GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.4555
55 HR EMA
1.4539
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.4672 - 04 Fed high
1.4640 - Tue's high
1.4578 - Y'day's hourly res
Support
1.4474 - Y'day's low
1.4440 - Last Thur's high (now sup)
1.4403 - Mon's low
GBP/USD - 1.4549... Although price rose to 1.4622 in Europe, the British pound fell briefly to 1.4547 b4 recovering to 1.4619 on in-line UK GDP data. Later, cable spiked down to 1.4474 on Fed's statement b4 rebounding strongly.
. Let's look at the bigger picture 1st, last week's rally to 1.4452, then Mon's rise abv Mar's high at 1.4514 to 1.4640 Tue signals the erratic upmove fm Feb's 7-year trough at 1.3836 has once again resumed n consolidation with upside bias would be seen for gain twds 1.4649 (Feb 03 high), then to daily res at 1.4672 early next month. Having said that, near term loss of momentum would prevent steep move beyond there n yield a much-needed correction. On the down- side, only a daily close below Mon's low at 1.4403 would indicate a temporary top has been made n turn outlook bearish for a stronger retracement twds 1.4371, then 1.4300 (last Thur's low) b4 prospect of a rebound.
. Today, although y'day's retreat suggests initial choppy trading below Tue's 10-week high at 1.4640 wud continue, reckon sup at 1.4403 wud hold n yield rebound later. On the upside, only abv 1.4622 wud confirm said pullback is over n bring re-test of said res, break wud yield 1.4672._20160428084030.png)
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