Last Update At
.png "GBP Spot")
09 January 2013 01:21GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.6064
55 HR EMA
1.6078
Trend Hourly Chart
Down
Hourly Indicators
Falling
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.6145 - January 03 hourly support
1.6129 - Yesterday's Aust. high
1.6076 - European morning low
Support
1.6010 - Last Friday's low
1.5962 - November 28 low
1.5920 - November 22 NY low
- GBP/USD - 1.6050 ... Although the British pound extended an early rise from last Friday's 1.6010 low to 1.6129 in Aust. yesterday, active cross selling of stg vs euro pressured the pair to 1.6076 in European morning. Later, the steep fall in EUR/USD sent the price sharply lower to 1.6029 in the NY morning before stabilising.
- Yesterday's sell-off from 1.6129 suggests aforesaid correction from 1.6010 has ended there. As price is currently trading well below the 21-hr n 55-hr emas, suggesting consolidation with downside bias remains for re-test of 1.6010, break would confirm a "reversal" from last Wednesday's 15-month peak (daily indicators displayed prominent bearish divergences vs the previous 1.6310 top) has resumed. This would bring a stronger retracement of erratic upmove from the 2012 low at 1.5234 (January) to next daily chart objective at 1.5962, however, as the hourly oscillators' readings display prominent "bullish convergences" there, reckon 1.5920 (November 22 NY low) should hold.
- Today, we are holding a short position in anticipation of subsequent weakness toward 1.6010. Only above 1.6108 (European high) would risk a re-test of 1.6129, and a break may bring stronger retracement of aforesaid fall to 1.6145/55 before "down."