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Technical Analysis: GBP/USD (from MNI)

Posted by Chris Advincula on Apr 10, 2013 2:37:00 AM

April 10 Wednesday 7:00 GMT

GBP/USD Technicals: Third Inside-Day Adds Caution To Upside

Resistance 4: 1.5531 76.4% of 1.5269-1.6381
Resistance 3: 1.5485 Reversal low 28 Jun 2012
Resistance 2: 1.5424 38.2% of 1.6381-1.4832
Resistance 1: 1.5363 Upper daily Bolli band & High Apr 5


Support 1: 1.5296 5-day moving average
Support 2: 1.5235 Weekly low Jan 2012
Support 3: 1.5173/98 21-day moving average, 23.6% of 1.6381-1.4832
Support 4: 1.5082 Support line from Mar 12 low

COMMENTARY: Sterling posts a third inside-day, with a lower high and higher low,
despite the slightly bullish daily and weekly studies. Monthly studies still a
bit bearish. Bulls will be aiming to break above the Apr 5 high at 1.5363,
above here would see the pair extend gains past the daily Bolli top to the 38.2%
of of 1.6381-1.4832 at $1.5424. However, cable may fail at 1.5363 and turn
lower. Bears target the Mar 12 support line at 1.5082.


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