DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 24 Aug 2016 00:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.3181
55 HR EMA
1.3148
Trend Hourly Chart
Sideways
Hourly Indicators
Bearish divergences
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.3281 - Aug 03 low (now res)
1.3246 - 61.8% r of 1.3481-1.2865
1.3211 - Y'day's high
Support
1.3157 - Mon's high (now sup)
1.3082 - Hourly chart
1.3023 - Last Fri's low
GBP/USD - 1.3184.. Sterling continued its winning streak n rallied to 1.3211 in early European trading on short-covering. Price moved sideways in NY morning n later rebounded to 1.3211 again in NY afternoon b4 retreating.
On the bigger chart, despite resumption of downtrend to a fresh 31-year bottom at 1.2798 in Jul n then a rally to 1.3481, subsequent fall to 1.2865 last Mon signals correction is over, having said that, sterling's strg bounce to 1.31 86 on Fri n then 1.3211 y'day suggests price is not yet ready to re-test 1.2798 n further consolidation is in store. Abv 1.3186 would bring stronger retracement twd 1.3248 (being 61.8% r of 1.3481-1.2865), however, as hourly indicators' read ings would display 'bearish divergences' on such rise, pivotal res at 1.3372 (Aug's high) is expected to hold n yield another fall later this month. Below 1.2941/45 would yield 1.2865, break there should extend weakness twd 1.2798.
Today, as y'day's break of last Fri's high at 1.3186 suggests intra-day upside bias remains for further gain after consolidation, however, anticipated 'bearish divergences' on hourly indicators should prevent strg gain beyond 1.32 46 n yield decline later. Only below 1.3129 wud indicate temp. top made, 1.3082.
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