DAILY GBP/USD TECHNICAL OUTLOOKLast Update At 17 Dec 2015 00:31GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.5019
55 HR EMA
1.5062
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.5130 - Tue's European low (now res)
1.5100 - Y'day's high
1.5058 - Y'day's Asian high
Support
1.4959 - 'day's low
1.4927 - 61.8% proj. of 1.5240-1.4959 fm 1.5100
1.4896 - Dec's 7-month low (2nd)
. GBP/USD - 1.4985... Cable came under renewed selling pressure in Europe y'day following market jitter over 'Brexit', cable fell to 1.4983 n briefly down to 1.4959 after Fed's quarter-point rate hike b4 rising briefly to 1.5100.
. On the bigger picture, although sterling early 3-legged strg rise fm Dec's 7-month trough at 1.4896 to as high as 1.5240 last Fri signals the MT downtrend fm 2015 peak at 1.5930 (Jun) has formed a temporary low there. Having said that, this week's sharp decline n y'day's weakness to 1.4959 suggests aforesaid correction fm 1.4896 has possibly ended, a daily close below last week's low at 1.4956 would add credence to this view, then re-test of 1.4896 would be seen next week, break would extend early decline fm 1.5930 to 1.4827 (80.9% r of 1.4566-1.5930) n possibly twd measured target at 1.4687 (100% proj. of 1.5930-1.5107 measured fm 1.5510) later this month. On the upside, only a daily close abv 1.5108 (prev. sup, now res) would risk stronger gain twd 1.5184/86.
. Today, in view of above bearish view on cable, selling the pound on recovery is the way to go, however, bullish convergences on hourly indicators suggest 1.4896 low would hold on 1st testing today.
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