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AceTraderFx Dec 4aily Technical Outlook & Trading Ideals on GBP/USD
DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 04 Dec 2014 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.5679
55 HR EMA
1.5678
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5826 - Last Thur's high
1.5763 - Mon's high
1.5719 - Y'day's high
Support
1.5619 - Y'day's low
1.5585 - Mon's fresh 14-1/2 month low
1.5528 - 50% proj. of 1.6186-1.5590 fm 1.5826
. GBP/USD - 1.5690... Cable swung wildly on Wed, despite a euro-led brief drop fm 1.5656 to 1.5619 in Europe, cross-buying in sterling lifted price n cable rebounded on short covering after upbeat U.K. services PMI n the upgrade of U.K. growth forecasts fm OBR. Price rose to 1.5719 in NY b4 retreating.
. Looking at the hourly n daily charts, despite cable's strg decline after Mon's rally fm a fresh 14-1/2 month trough at 1.5585 to 1.5763, y'day's rebound fm 1.5619 suggests further choppy trading abv said temporary bottom wud continue . Although consolidation with near term upside bias is seen, as long as 1.5763 res (reaction high) holds, prospect of another fall later today or tom still remains. Looking ahead, a breach of 1.5619 wud signal MT downtrend fm Jul's near 6-year peak at 1.7192 has resumed n bring re-test of 1.5585, break wud extend subsequent weakness to 1.5528, this is the 50% projection of intermediate fall fm 1.6186-1.5590 measured fm 1.5826.
. On the upside, abv 1.5763 wud confirm a temporary low is made instead n stronger retracement to 1.5826 wud follow. We are standing aside initially today n investors shud pay attention to the release of BoE rate decision at 12:00GMT.
DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 04 Dec 2014 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.5679
55 HR EMA
1.5678
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.5826 - Last Thur's high
1.5763 - Mon's high
1.5719 - Y'day's high
Support
1.5619 - Y'day's low
1.5585 - Mon's fresh 14-1/2 month low
1.5528 - 50% proj. of 1.6186-1.5590 fm 1.5826
. GBP/USD - 1.5690... Cable swung wildly on Wed, despite a euro-led brief drop fm 1.5656 to 1.5619 in Europe, cross-buying in sterling lifted price n cable rebounded on short covering after upbeat U.K. services PMI n the upgrade of U.K. growth forecasts fm OBR. Price rose to 1.5719 in NY b4 retreating.
. Looking at the hourly n daily charts, despite cable's strg decline after Mon's rally fm a fresh 14-1/2 month trough at 1.5585 to 1.5763, y'day's rebound fm 1.5619 suggests further choppy trading abv said temporary bottom wud continue . Although consolidation with near term upside bias is seen, as long as 1.5763 res (reaction high) holds, prospect of another fall later today or tom still remains. Looking ahead, a breach of 1.5619 wud signal MT downtrend fm Jul's near 6-year peak at 1.7192 has resumed n bring re-test of 1.5585, break wud extend subsequent weakness to 1.5528, this is the 50% projection of intermediate fall fm 1.6186-1.5590 measured fm 1.5826.
. On the upside, abv 1.5763 wud confirm a temporary low is made instead n stronger retracement to 1.5826 wud follow. We are standing aside initially today n investors shud pay attention to the release of BoE rate decision at 12:00GMT.
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