WEEKLY GBP/USD TECHNICAL OUTLOOKLast Update At 26 Oct 2015 00:22GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.5345
55 HR EMA
1.5382
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
35
14 HR DMI
-ve
Daily Analysis
Resumption of recent decline
Resistance
1.5418 - Last Fri's high
1.5384 - 50% r of 1.5510-1.5307
1.5369 - Last Thur's low (now res)
Support
1.5305 - Intra-day low
1.5261 - 61.8% r of 1.5107-1.5510
1.5201 - Oct 13 low
. GBP/USD - 1.5320... Cable's daily swings continued for 4 days last week. Despite rising 1 tick abv prev. Oct's 1.5509 top to 1.5510 on Thur, selloff in euro dragged price to 1.5369 n cable later tanked to 1.5307 near Fri's NY close.
. On the bigger picture, cable's reversal fm last Thur's 5-week peak of 1.5510 signals recent erratic rise fm Oct's 4-month trough at 1.5107 has ended there n consolidation with downside bias remains for further weakness to 1.5261 then 1.5201, 61.8% r of 1.5107-1.5510 n daily pivotal sup respectively where a daily close below latter level would retain bearishness for a re-test of 1.5107 in Nov. Our weekly trade is holding a short position in anticipation of initial weakness twd 1.5261. On the upside, only a move back abv 1.5418 would signal temporary low is in place n yield several days of choppy consolidation b4 prospect of another leg of decline twd 1.5201.
. Today, Fri's close near NY close suggests intra-day downside bias still remains as price is currently trading well below 21-hour & 55-hour emas n as long as 1.5369 (prev. sup, now res) holds, weakness twd 1.5261 is likely b4 prospect of a minor short-covering rebound.
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