AceTraderFx Feb 28 : Daily Technical Outlook on Major – GBP/USD

[acetraderfx]

DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 28 Feb 2014 01:21GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.6677

55 HR EMA
1.6671

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
63

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.6823 - Last Mon's 4-year high
1.6776 - Last Mon's NZ res
1.6728 - Tue's high

Support
1.6617 - Y'day's low
1.6583 - Mon's low
1.6537 - 50% r of 1.6252-1.6823


. GBP/USD - 1.6691 ... The British pound continued to fluctuate wildly on Thur. Although cable weakened fm Asian high at 1.6683 to 1.6617 in European morning, renewed buying interest there lifted price n sterling later rallied back to 1.6699 after dovish remarks by Fed Chair Janet Yellen b4 stabilising.

. Despite y'day's brief drop below Wed's low at 1.6622 to 1.6617, cable's
subsequent rebound after holding well abv Mon's low at 1.6583 suggests further 'choppy' sideways trading inside near term established broad range of 1.6583- 1.6728 wud continue with upside bias for gain to 1.6728 res (Tue's high), however, break is needed to signal the corrective fall fm last Mon's 4-year peak at 1.6823 has indeed ended at 1.6583 (Mon) n a daily close abv 1.6734/42, Feb 19 high n Feb 18 top respectively wud add credence to this view n yield possible resumption of MT uptrend for re-test of 1.6823 later next week.

. Today, we're holding a long position in anticipation of further gain. On
the downside, only below 1.6617 wud shift risk to the downside for a re-test of Mon's low at 1.6583, below wud bring stronger retracement of MT intermediate fm rise 1.6252 twd 1.6537 (being 50% r of 1.6252-1.6823) b4 prospect of recovery.

 

[acetraderfx]

AceTraderFx Mar 5: Daily Technical Outlook on Major GBP/USD

DAILY TECHNICAL OUTLOOK ON GBP/USD
05 Mar 2014 00:40GMT

Trend Daily Chart
Up

Daily Indicators
Neutral

21 HR EMA
1.6675

55 HR EMA
1.6685

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
48

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.6823 - Feb's 4-year high
1.6769 - Last Fri's high
1.6717 - Y'day's high

Support
1.6640 - Y'day's low
1.6617 - Last Thur's low
1.6583 - Feb 24 low


. GBP/USD - 1.6671... Although the British pound staged a brief but strg
rebound fm 1.6640 (Asia) to 1.6717 (Europe) as tension on Russia-Ukraine eased,
renewed selling interest pressued cable to 1.6651 in New York b4 stabilising.

. Looking at the hourly n daily charts, cable's strg retreat fm last Fri's
top at 1.6769 to 1.6640 y'day suggests the rebound fm last Mon's 1.6583 low has
indeed made a top there n as long as 1.6769 holds, 'choppy' consolidation below
Feb's 4-year peak at 1.6823 wud continue with downside bias. The price action fm
there is possibly developing into a triangle with a-leg trough at 1.6583; b-leg
: 1.6769 n c-leg decline is still unfolding n may bring weakness twds 1.6617 n
possibly twds 1.6600, however, anticipated low readings on hourly oscillators
shud limit downide to 1.6583. Only below 1.6583 wud risk stronger retracement of
the MT intermediate rise fm 1.6252 to 1.6538 (50% r).

. In view of abv consolidative view, we're trading cable on both sides of
the market today. On the upside, only abv 1.6769 res wud signal correction fm
1.6823 is over n MT rise fm 2013 2-year trough at 1.4814 (Jul) may resume n
extend gain to 1.6936 (61.8% proj. of 1.6252-1.6823 fm 1.6583) later.