***** Techical Outlook on GBP/USD *****

[acetraderfx]

DAILY TECHNICAL OUTLOOK ON GBP/USD 　 　 　
　 　 　
02 Apr 2013 01:16GMT 　 　 　

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
1.5221

55 HR EMA
1.5203

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Marginal rise b4 retreat

Resistance
1.5330 - Feb 22 high
1.5306 - 50% proj. of 1.4832-1.5261 fm 1.5092
1.5261 - Last Mon's high

Support
1.5178 - Y'day's low
1.5150 - Last Thur's Asian morning high
1.5112 - Last Thur's low

. GBP/USD - 1.5237... Despite cable's initial dip to 1.5178 in Asian morning y'day, the pair rose in tandem with euro to 1.5218 in European morning b4 falling to 1.5187. However, the rally in eur/usd pushed the pair further higher abv Fri's 1.5222 high to 1.5242 in NY morning b4 retreating.

. Despite y'day's euro-led strg rise to 1.5242, subsequent retreat to 1.5218 in Aust. suggests further choppy trading below last Mon's 1-month high at 1.5261 wud continue with downside bias, below 1.5178 wud signal rise fm last Wed's low at 1.5092 has ended there n yield further weakness twd 1.5150 (last Thur's Asian morning high), however, as the hourly oscillators' readings wud be in o/sold territory on such a move, steep fall below last Thur's low at 1.5112 is therefore not likely n said 1.5092 sup shud contain downside n bring rebound later.

. Today, we're now holding a short position in anticipation of further weakness to indicated objective. On the upside, a daily close abv last Mon's high at 1.5261 wud confirm upmove fm Mar's 2-1/2 year trough at 1.4832 has resumed n risk stronger retracement of MT downtrend fm 1.6747 (2011 peak) twd 1.5306.

http://www.acetraderfx.com/image/common/strategy/GBP spot(364).png

 

[acetraderfx]

Daily DAILY TECHNICAL OUTLOOK ON GBP/USD : April 4, 2013 *********

DAILY TECHNICAL OUTLOOK ON GBP/USD

04 Apr 2013 00:53GMT

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
1.5132

55 HR EMA
1.5144

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Consolidation b4 another fall

Resistance
1.5261 - Last Mon's high
1.5218 - Tue's Australian low
1.5178 - Mon's low

Support
1.5075 - Y'day's low
1.5026 - Mar 20 low
1.4982 - Mar 13 high

. GBP/USD - 1.5135... Although the British pound fell initially below last Wed's low at 1.5092 to 1.5075 in Asia y'day, the pair rebounded in tandem with euro to 1.5118 in European morning. Intra-day ascent accelerated in NY morning due to dlr's broad-based weakness n cable climbed to 1.5159 b4 retreating.

. Despite y'day's strg recovery after early selloff fm Tue's high at 1.5259 to 1.5075, as this move signals choppy trading below last Mon's 1-month high at 1.5261 is in store, suggesting upside shud be ltd to 1.5178 (Mon's low) n bring another fall to 1.5075, break wud yield further weakness to 1.5026 (Mar 20 low). Looking ahead, only a daily close below 1.5026 wud confirm rise fm Mar's 2-1/2 year trough at 1.4832 has ended n price will be en route to 1.4982 n then 1.4908 (Mar 13 NY low). On the upside, a breach of 1.5259/61 res wud signal aforesaid upmove has resumed n yield stronger retracement of MT downtrend twd 1.5330.

. Today, selling cable on recovery in anticipation of weakess to indicated objective is recommended, however, 'bullish convergences' on hourly oscillators wud keep price abv 1.4982 today. Abv 1.5210/18 wud risk gain twd 1.5259/61.

http://www.acetraderfx.com/image/common/strategy/GBP%20spot%28366%29.png