DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 13 Jan 2016 00:18GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
Rising fm o/sold
13 HR RSI
14 HR DMI
Consolidation b4 decline resumes
1.4604 - Mon's high (NY)
1.4538 - Y'day's European high
1.4491 - Mon's low (AUS), now res
1.4352 - Y'day's fresh 5-1/2 year low
1.4307 - 61.8% proj. of 1.7192-1.4566 fm 1.5930
1.4248 - 1.618 times extn of 1.5509-1.4896 fm 1.5240
. GBP/USD - 1.4446... Cable started to fall after a brief gain to 1.4560 in Asia on Tue n then tumbled below Mon's 5-1/2 yr trough at 1.4491 to as low as 1.4352 due to downbeat UK industrial data b4 recovering to 1.4454 near NY close.
. Let's look at the picture 1st, cable's cross-inspired break of previous 2015 bottom at 1.4566 to 1.4507 last Fri confirms the major decline fm 1.7192 (2014 peak made in Jul) has finally resumed n price should head to 1.4307 next, then twd 1.4248 later this month, this is 61.8% projection of said fall fm 1.7192-1.4566 measured fm 1.5930 n 1.618 times extension of intermediate fall of 1.5509-1.4896 measured fm 1.5240 respectively. Therefore, selling cable on recovery for resumption of aforesaid downtrend to indicated objectives is favoured. On the upside, only a daily close abv 1.4604 (Mon's high) would signal mtemporary low is made, then risk is seen for stronger gain twds 1.4806/16.
. Today, despite intra-day rebound fm 1.4352 to 1.4454 in NY session, reckon price would falter below 1.4491 (Mon's low, now res) n bearishness remains for another fall but bullish convergences on hourly oscillators on next decline should keep price abv 1.4300/10 today n yield minor correction later.
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