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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 11, 2013 2:17:00 AM

April 11 Thursday 6:30 GMT

Sterling Technicals: Hourly Rising Triangle Baseline At 1.5295

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: 1.5351/59 High Apr 8, Upper daily Bollinger band & High Apr 5


Support 1: 1.5314/16 55 and 5-day moving averages
Support 2: 1.5235 Weekly low Jan 2012
Support 3: 1.5192/98 21-day moving average, 23.6% of 1.6381-1.4832
Support 4: 1.5093 Support line from Mar 12 low

COMMENTARY: Cable barely makes a higher high as it managed to move one pip
higher yesterday, however, price action has become incredibly muted and the
hourly chart shows cable in a rising triangle, the baseline is around 1.5295,
just below the 200-hour MA at 1.5303. Initial support at 1.5314/16, the 55 and
5-DMAs. The rising triangle ceiling seen around 1.5351/59, Apr 8 high and upper
dly Bollinger band and Apr 5 high, failure to break above threatens the downside.


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