AceTrader June 10, 2013 : WEEKLY TECHNICAL OUTLOOK ON GBP/USD

[acetraderfx]

WEEKLY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 10 Jun 2013 00:56GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.5546

55 HR EMA
1.5510

Trend Hourly Chart
Near term down

Hourly Indicators
Turning down

13 HR RSI
55

14 HR DMI
+veDaily Analysis
Consolidation with mild downside bias

Resistance
1.5685 - Last Thur's high
1.5607 - May 01 high
1.5565 - Last Fri's NY res

Support
1.5488 - Last Fri's NY low
1.5434 - Last Thur's NY low
1.5382 - Last Thur's low

. GBP/USD - 1.5553 ... The British pound maintained a firm undertone throughout last week n cable rallied fm Mon's low of 1.5193 to a 3-month high at 1.5685 on Thur b4 retreating strongly to 1.5488 on Fri due to dlr's broadbased strength after the release of U.S. jobs report.

. Although Fri's strg retreat fm 1.5605 to 1.5488 suggests recent erratic upmove fm Mar's 2-1/2 year low at 1.4832 has made a temp. top at 1.5685 n consolidation with mild downside bias wud be seen for a minor retracement of intermediate rise fm May's low at 1.5008 to 1.5426/34 (minimum 38.2% r n last Thur's NY low respectively). Looking at the daily chart, as last week's rally abv 1.5607 (May's high) signals another leg of upmove fm 1.4832 has taken place,
suggesting as long as 1.5382 (last Thur's low) holds, recent series of higher lows n higher highs wud remain intact n abv 1.5685 res wud extend gain to 1.5783, being equality proj. of 1.4832-1.5607 measured fm 1.5008, later.

. Today, we are holding short position entered on Fri with stop abv 1.5565 res (NY), break wud defer n risk stronger gain to 1.5605/07.