DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 17 Mar 2016 00:29GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.4183
55 HR EMA
1.4194
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
67
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.4385 - Mon's Euroepan high
1.4318 - Last Thur's high
1.4274 - Y'day's high
Support
1.4197 - Tue's NY high (now sup)
1.4160 - Y'day's Asian high (now sup)
1.4088 - Hourly chart
. GBP/USD - 1.4245... Although cable continued this week's losing streak due to renewed market jitter on 'Brexit', price fell to 1-week low of 1.4053 in NY morning b4 rallying to as high as 1.4274 after dovish Fed statement.
. Let's look at the hourly n daily charts 1st, despite last week's rally to a neat 1-month high of 1.4437, subsequent selloff to as low as 1.4053 signals recent corrective upmove fm Feb's 7-year trough at 1.3836 has formed a top there n choppy consolidation is seen. Having said that, as cable has staged a rally fm 1.4053 to 1.4274, suggesting aforesaid pullback fm 1.4437 has possibly ended n choppy trading with upside bias is in store, a daily close abv 1.4385 res would encourage for re-test of 1.4437 where a break there would bode well for further headway twd Feb's peak at 1.4672 in Apr. On the downside, only below 1.4053 suggests correction fm 1.3836 has ended n risks weakness to 1.4000, then 1.3836.
. Today, expect initial consolidation below 1.4274 in Asia n possibly in European morning ahead of BoE's MPC meeting, as long as 1.4197 (prev. res, now sup) holds, bullish bias remains for gain twd 1.4318 but as hourly indicators' readings are in o/bot territory, 1.4385 should hold. Below 1.4197, 1.4150/60.
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