DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 30 Aug 2016 00:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.3105
55 HR EMA
1.3132
Trend Hourly Chart
Near term down
Hourly Indicators
Turning up
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.3234 - Last Fri's European monring high
1.3182 - Last Fri's European morning low (now res)
1.3140 - Y'day's high (NZ)
Support
1.3060 - Y'day's low
1.3023 - Aug 19 low
1.2979 - Aug 17 low
. GBP/USD - 1.3103.. Cable extended Fri's selloff to 1.3108 at Asian open on Mon, despite a brief bounce to 1.3140, renewed selling emerged in Europe n later knocked price to session low of 1.3060 at NY open b4 recovering to 1.3120.
. Look at the daily chart 1st, cable rebound fm Jul's fresh 31-year trough 1.2798 to 1.3481 signals recent downtrend has made a temporary low there n despite subsequent erratic fall to 1.2865 in mid-Aug, subsequent rise back to as high as 1.3280 last Fri signals further choppy consolidation abv 1.2798 bottom would continue, possibly for the rest of Sep. Having said that, cable's said decline fm 1.3280 last Fri due to usd's broad-based gain suggests downside bias is in store this week n weakness to 1.3073 n then 1.3024 would be seen, being 50% r n 61.8% r respectively of said rise fm 1.2865-1.3280. A daily close below 1.2979 would retain bearishness for weakness twd 1.2865. On the upside, only abv 1.3280 would risk stronger subsequent gain twd 1.3372 (Aug's high).
. Today, despite staging a minor recovery fm 1.3060 in NY session, as long as 1.3140/45 holds, outlook remains mildly bearish for marginal fall, 'bullish convergences' should keep price abv 1.3023 n bring correction later.
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