WEEKLY GBP/USD TECHNICAL OUTLOOKLast Update At 06 Dec 2015 23:45GMT
Trend Daily Chart
Down
Daily Indicators
Turning
21 HR EMA
1.5105
55 HR EMA
1.5079
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Consolidation b4 with upside bias
Resistance
1.5234 - Prev. hourly sup (now res)
1.5190 - Nov 23 NY high
1.5160 - Y'day's 1-week high
Support
1.5078 - Last Fri's low
1.5040 - 50% r of 1.4921-1.5160
1.5002 - Res fm 15-min chart (now sup)
. GBP/USD - 1.5112... Although cable continued its recent losing streak n fell to a fresh 7-mth trough of 1.4896 last Wed after Fed chair Yellen's hawkish comments, Thur's surge in eur/usd sent the pound sharply higher to 1.5160 in NY.
. Looking at the bigger picture, despite resumption of downtrend fm 1.5930 (Jun) to a fresh 7-month bottom of 1.4896 last Wed, cable's rally to 1.5160 Thur signals aforesaid fall has at least formed a temporary low there n choppy consolidation with upside bias is seen for further headway to 1.5291 soon, this is a 'minimum' 38.2% r of 1.5930-1.4896, however, a daily close abv there needed to retain bullish prospect of more upside gain twd 1.5413 (50% r) later this month. Therefore, in view of abv bullish scenario, buying cable on dips in anticipation of further rise is recommended n only below 1.5000/10 may risk stronger retreat, however, 1.4896 trough should remain as the low print for the month in Dec.
. Today, cable's intra-day price swings following Fri's robust U.S. jobs data suggest further sideways trading below 1.5160 top would continue with near term downside bias,below 1.5078/82 sup would risk stronger retracement but reckon 1.5040 would hold. Abv 1.5160 res would extend gain twd 1.5190 b4 retreat.
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