Last Update At
.png "GBPUSD spot")
10 January 2013 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6029
55 HR EMA
1.6050
Trend Hourly Chart
Near-term down
Hourly Indicators
Oversold
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Marginal weakness before rebound
Resistance
1.6129 - Tuesday's high
1.6075 - Yesterday's high
1.6033 - Yesterday's NY high
Support
1.5992 - Yesterday's low
1.5962 - November 28 low
1.5920 - November 22 NY low
- GBP/USD - 1.6013 ... The British pound tracked the euro's movement closely yesterday as the cable met renewed selling at 1.6075 in Europe and then extended a recent decline to a low of 1.5992 in part due to active cross selling in sterling (EUR/GBP rose from 0.8134 to 0.8163) before recovering to 1.6033 in late NY.
- Looking at the hourly chart, as the cable has remained under pressure, suggesting as long as yesterday's high of 1.6075 holds, the decline from last Wednesday's 15-month high of 1.6380 may extend marginally towards previous daily support at 1.5962 (November 28 low). However, bullish convergences on hourly oscillators should limit the downside to 1.5944, being 50% projection from 1.6380-1.6010 measured from 1.6129 and bring a much-needed strong rebound later today or tomorrow. On the upside, a breach of 1.6075 would confirm a temp. low is made and may bring a rebound to 1.6129 resistance. Above this would encourage further gains to 1.6232 (61.8% r of 1.6380-1.5992).
- Today, selling on intra-day recovery in anticipation of such marginal weakness is the recommended position. Traders may turn long there for the prospect of a much-needed strong rebound. Only below 1.5944 would risk weakness to 1.5900.