acetraderfx
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DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 04 Apr 2014 00:18GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.6602
55 HR EMA
1.6617
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/s
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.6684 - Mon's high
1.6665 - Wed's high
1.6619 - Tue's low
Support
1.6570 - Y'day's low
1.6555 - Last Thur's low
1.6509 - Last Wed's low
. GBP/USD - 1.6597... Despite trading just abv Tue's 1.6619 low y'day at Asian open, hawkish comments by BoE Governor Carney reported on BLP sent price higher to 1.6661 b4 easing to 1.6625. Cable re-tested 1.6661 in Europe but fell on downbeat U.K. services PMI. Selloff in eur/usd knocked cable to 1.6570 in NY.
. Looking at the broader picture, y'day's anticipated decline has retained
our daily bearish technical outlook on cable. Although the erratic rise fm last
Mon's 1.6460 low confirms the 1st leg of correction fm Feb's 4 year peak at
1.6823 has ended there, as price has faltered right at the indicated 'dynamic'
res at 1.6684 (being 61.8% r of 1.6823-1.6460), cable's selloff to 1.6570 Thur signals correction is over. A daily close below 1.6555 sup anytime wud encourage for a re-test of 1.6460 next week, break wud confirm downtrend fm 1.6823 has finally resumed n yield weakness twd 1.6321 (equality projection of 1.6823-1.6460 measured fm 1.6684, later this month.
. Today, as cable has traded well abv 1.6570 in NY afternoon, suggesting
consolidation wud continue in Asia n we may need to wait for U.S. payrolls data b4 prospect of another fall. Only abv 1.6619/21 risks 1.6661/65, break, 1.6684.
Last Update At 04 Apr 2014 00:18GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.6602
55 HR EMA
1.6617
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/s
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.6684 - Mon's high
1.6665 - Wed's high
1.6619 - Tue's low
Support
1.6570 - Y'day's low
1.6555 - Last Thur's low
1.6509 - Last Wed's low
. GBP/USD - 1.6597... Despite trading just abv Tue's 1.6619 low y'day at Asian open, hawkish comments by BoE Governor Carney reported on BLP sent price higher to 1.6661 b4 easing to 1.6625. Cable re-tested 1.6661 in Europe but fell on downbeat U.K. services PMI. Selloff in eur/usd knocked cable to 1.6570 in NY.
. Looking at the broader picture, y'day's anticipated decline has retained
our daily bearish technical outlook on cable. Although the erratic rise fm last
Mon's 1.6460 low confirms the 1st leg of correction fm Feb's 4 year peak at
1.6823 has ended there, as price has faltered right at the indicated 'dynamic'
res at 1.6684 (being 61.8% r of 1.6823-1.6460), cable's selloff to 1.6570 Thur signals correction is over. A daily close below 1.6555 sup anytime wud encourage for a re-test of 1.6460 next week, break wud confirm downtrend fm 1.6823 has finally resumed n yield weakness twd 1.6321 (equality projection of 1.6823-1.6460 measured fm 1.6684, later this month.
. Today, as cable has traded well abv 1.6570 in NY afternoon, suggesting
consolidation wud continue in Asia n we may need to wait for U.S. payrolls data b4 prospect of another fall. Only abv 1.6619/21 risks 1.6661/65, break, 1.6684.
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