DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 24 Mar 2016 00:27GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.4142
55 HR EMA
1.4215
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.4230 - Y'day's high (Reuters)
1.4191 - Tue's low
1.4155 - Y'day's European sup (now res)
Support
1.4081 - Y'day's low
1.4053 - Last Wed's low
1.4019 - 01 Mar high (now sup)
. GBP/USD - 1.4113... Despite initial narrow move in Asia y'day, cable continued its recent losing streak as market fear of a 'Brexit' led to renewed broad-based selling of sterling, the pound tumbled fm 1.4230 to 1.4081 (NY).
. Looking at the hourly n daily charts, despite last week's rally to a 1-month high of 1.4514 (Fri), subsequent selloff to as low as 1.4081 y'day signals at least the 1st leg of correction fm Feb's 7-year trough at 1.3836 has ended there n consolidation with downside bias remains for weakness twds last Wed's low at 1.4053, a daily close below there would suggest correction is over n yield further losses 1.3836 in Apr. On the upside, only abv 1.4365 (previous sup, now res) would be the 1st signal pullback from 1.4514 has ended n may bring another bounce back twd 1.4514 later next week.
. Today, as current price is trading below 21-hr & 55-hr emas, selling on recovery for intra-day trade is favored, however, as hourly indicators would display 'bullish convergences' on next decline, reckon sup at 1.4053 would remain intact n bring a much-needed short-covering rebound ahead of the looming long Easter holiday. Abv 1.4200 signals temporary low is in places n yield 1.4230/40.
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