acetraderfx
AceTrader.com Representative
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DAILY TECHNICAL OUTLOOK ON GBP/USD26 Apr 2013 01:59GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.5412
55 HR EMA
1.5353
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
69
14 HR DMI
+ve
Resistance
1.5550 - Feb 15 high
1.5507 - 50% r of 1.6182-1.4832
1.5480 - Y'day's high
Support
1.5412 - Apr 11 top
1.5368 - Last Fri's high
1.5335 - Y'day's Asian high
. GBP/USD - 1.5442... Although the British pound retreated fm Asian high at 1.5335 to 1.5282 in European morning, the pair surged after the release of much better-than-expected U.K. GDP, price eventually climbed to a 2-month high of 1.5280 at NY open b4 easing off on dollar's broad-based strength.
. Y'day's firm breach of chart res at 1.5412 (now sup) to 1.5480 confirms upmove fm Mar's 2-1/2 year trough at 1.4832 to correct MT downtrend fm 1.6747 (2011 peak) has resumed n as price is now trading well abv 21-hr n 55-hr emas, suggesting upside bias remains for further gain twd 1.5507, this is natural 50% r of 1.6182-1.4832, however, as hourly oscillators' readings wud display bearish divergences on next rise, reckon price shud hold well below 1.5550 (Feb 15 top) n bring much-needed retreat. On the downside, below 1.5385/90 wud signal a temp. top is possibly made n risk wud shift to the downside for retracement to 1.5368, break wud add credence to this view, yield weakness twd 1.5335.
. Today, we're looking to buy cable on dips for gain twd 1.5507 or sell if price rises to there 1st for subsequent retreat to indicated objective.
