DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 26 Jul 2016 00:24GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.3124
55 HR EMA
1.3141
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.3292 - Last Fri's high
1.3217 - Last Fri's Asian low (now sup)
1.3165 - Y'day's low
Support
1.3065 - Last Wed's low
1.3035 - 61.8% proj. of 1.3481-1.3065 fm 1.3292
1.2973 - Jul 12 low
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GBP/USD - 1.3090.. The British pound opened flat in N. Zealand Mon n rose to 1.3158 in Aust., despite intra-day sideways move, price climbed to 13165 in Europe b4 tumbling to 1.3095 in NY. Cable bounced to 1.3144 b4 falling again.
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On the daily chart 1st, despite cable's resumption of LT downtrend to a fresh 31-year trough of 1.2798 in Jul in the aftermath of a surprise 'Brexit' vote, subsequent rebound to 1.3481 signals temporary low has been formed, how- ever, weakness to 1.3065 last week suggests correction is possibly over n consolidation with downside bias remains for decline to 1.2923/28 this week, below 1.2851 sup is needed to retain bearishness for re-test of 1.2798, then one more fall to 1.2500. Therefore, selling cable again on recovery for 1.2970/80 1st is recommended n only a daily close abv 1.3316 may risk gain twd 1.3470/80.
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Today, cable's intra-day anticipated weakness suggests re-test of last week's 1.3065 low is on the cards, however, as hourly indicators would display 'bullish convergences' on such a move, steep fall below 1.3065 is not envisaged n reckon 1.3000/10 would remain intact. We're holding a short position for 1.30 35 n only abv 1.3165 may risk gain twd 1.3200.
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