DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 11 Dec 2015 00:01GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.5161
55 HR EMA
1.5131
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13HR RSI
51
14 HR DMI
+ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5275 - 61.8% r of 1.5510-1.4896
1.5220 - 100% proj. of 1.4896-1.5160 fm 1.4956
1.5202 - Y'day's fresh 2-week high
Support
1.5111 - Y'day's low
1.5085 - 38.2% r of 1.4896-1.5202
1.5060 - Tue's NY high (now sup)
. GBP/USD - 1.5157... Although cable maintained a firm undertone in Asia y'day n climbed marginally higher to a fresh 2-week high of 1.5202 in Europe but tumbled to 1.5111 on dovish MPC minutes b4 staging a rebound to 1.5188 in NY.
. On the bigger picture, cable's rally abv 1.5160 res on Wed n then gain to 1.5202 y'day confirms early upmove fm last Wed's fresh 7-month trough at 1.4896 to correct MT erratic fall fm 1.5930 (Jun) has once again resumed n price is expected to head to 1.5291 next week after consolidation, this is the 'minimum' 38.2% r of aforesaid fall, however, 1.5413 (50% r) is expected to hold this month. Similar to euro, y'day's retreat fm 1.5202 suggests a temp. top has been made n several days of choppy consolidation is in store with downside bias, however, reckon 1.5049 (50% r of 1.4896-1.5202) would contain weakness n bring another leg of upmove later.
. Today, despite cable's intra-day cross-inspired bounce fm 1.5111 to 1.5188 (NY), subsequent sideways move in NY afternoon suggests consolidation below 1.5202 would continue with downside bias, below 1.5111 would bring stronger retracement to 1.5085/95 n only abv 1.5202 risks 1.5220/30 b4 correction occurs.
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