DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 05 Apr 2016 00:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.4262
55 HR EMA
1.4273
Trend Hourly Chart
Down
Hourly Indicators
Turning down
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.4426 - Last Thur's high
1.4373 - Last Fri's high
1.4322 - Y'day's high
Support
1.4243 - Y'day's Asian res (now sup)
1.4191 - Y'day's low
1.4171 - Last Fri's low
. GBP/USD - 1.4279... Although the British pound weakened to session low at 1.4191 in European morning, price rallied to an intra-day high at 1.4322 in NY morning on cross-buying in sterling (esp. vs euro) b4 retreating.
. Looking at daily chart, cable's sharp retreat fm 1.4514 in mid-Mar to as low as 1.4056 confirms early correction fm Feb's 7-year bottom at 1.3836 has ended there, however, subsequent rebound to 1.4459 last week suggests further volatile trading abv 1.3836 is likely to continue n price well 'gyrate' inside said broad range with a neutral bias. Having said that, as long as 1.4459 holds, weakness twd key sup at 1.4053/56 may be seen, a daily close below there would turn outlook bearish for decline twd 1.3836 later. On the upside, abv 1.4459 would bring re-test of 1.4514 where a break there would shift risk to upside n yield stronger retracement twd next chart target at 1.4672 (Feb's high).
. Today, although y'day's rebound suggests further choppy trading abv sup 1.4056 continue with mild upside bias, reckon price wud hold well below res 1.4426. Hence we are looking to buy on intra-day pullback n wud look to exit on next rebound. On the downside, only below 1.4171 would risk weakness to 1.4110. _20160405064803.png)
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