DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 06 Jan 2016 00:27GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.4726
55 HR EMA
1.4757
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.4748 - 61.8% r of 1.4816-1.4638
1.4728 - Hourly res
1.4696 - Y'day's NY high
Support
1.4635 - 2015 Mar low
1.4696 - 80.9% proj. of 1.5240-1.4806 fm 1.4947
1.4566 - 2015 near 5-year low (Apr)
. GBP/USD - 1.4673... Cable continued its recent losing streak on Tue as market fear of a 'Brexit' intensified after PM Cameron said he'll let ministers campaign for EU exit, price fell to a fresh 8-1/2 month low of 1.4638 in NY.
. On the bigger picture, cable's cross-inspired break of previous 1.4806 low last week to 1.4725, then to a fresh 8-1/2 month trough of 1.4638 y'day confirms the MT downtrend fm 2015 peak at 1.5930 (Jun) has once resumed n would yield weakness to 1.4590/00, however, as daily oscillator's readings would would be in oversold territory on such move, steep fall is therefore is not expected n reckon 2015 near 5-year bottom at 1.4566 would hold, at least, ahead of Fri's release of key U.S. jobs data. On the upside, a daily close abv 1.4816 would be the 1st signal temporary low has been made, abv 1.4849 confirms this view, then outlook would improve for a stronger correction to 1.4944/47.
. Today, as current price is trading below both 21-hr & 55-hr emas, suggesting downside bias remains, however, as hourly oscillators' readings would display 'bullish convergences' on next decline, reckon 1.4696/00 would hold. On the upside, abv 1.4728 anytime confirms temporary low is made, risks 1.4790/00.
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