WEEKLY GBP/USD TECHNICAL OUTLOOK
Last Update At 11 Apr 2016 00:21GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.4110
55 HR EMA
1.4108
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
61
14 HR DMI
+ve
Daily Analysis
Choppy sideways trading to continue
Resistance
1.4206 - Last Tur's NY res
1.4172 - Last Wed's high
1.4142 - Last Fri's high
Support
1.4005 - Last Wed's low
1.3947 - 29 Feb high (now sup)
1.3904 - 01 Mar low
. GBP/USD - 1.4136... The British pound met renewed selling at 1.1322 on Mon n then extended fall fm Mar's peak at 1.1459 to 1.4005 Wed b4 staging a strg intra-day rebound to 1.4172 n traded sideways inside this range on Thur n Fri.
. Let's look at the daily chart 1st, last Wed's sharp retreat n subsequent breach of Mar's trough at 1.4053 to 1.4005 suggests correction fm Feb's 7-year trough at 1.3836 has ended at 1.4514 (Mar) n downside bias remains for further weakness twds sup area 1.3904/14 (01 Mar low n 02 Mar low respectively), after consolidation, below there would confirm this view n yield re-test of said 1.3836 low later this month. A daily close below 1.3836 signals MT downtrend has once again resumed n extend twds 1.3678, being the equality of 1.4672-1.3836 measured fm 1.4514. On the upside, only above 1.4322 would indicate a low has been made n shift risk to upside for stronger gain twds 1.4420/30 b4 down.
. Today, as long as 1.4172 (reaction high fm 1.4005) holds, choppy trading with downside bias remains n therefore, we are trading the pound fm short side, however, only below 1.4005 would extend weakness to next chart obj. at 1.3947. A daily close abv 1.4172 wud abort daily bearishness, risk 1.4201/06._20160411070717.png)
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