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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 16, 2013 3:21:00 AM

April 16 Tuesday 7:30 GMT

CABLE TECHS: Key Initial Resistance Still At 1.5399 to 1.5424

RES 4: 1.5573 Low Feb 12
RES 3: 1.5531 76.4% of 1.5269-1.6381
RES 2: 1.5485 Reversal low 28 Jun 2012
RES 1: 1.5399/5412/24 Upper dly Bolli band, High Apr 11, 38.2% 1.6381-1.4832


SUP 1: 1.5269/73 High Mar 25 & June 1 2012 low, Hourly low
SUP 2: 1.5198/5225/35 23.6% of 1.6381-1.4832, 21-DMA, Weekly low Jan 2012
SUP 3: 1.5129 Support line from Mar 12 low
SUP 4: 1.5027/34/50 Low Mar 20, Low Apr 4, Lower daily Bollinger band

COMMENTARY: Cable slides a little further, despite the bullish but overbought
daily studies. The pair met resisance from the daily Bollinger band top before turning
lower, key initial resistance still seen at 1.5399/5412/24, the upper daily Bollinger
band, Apr 11 high and 38.2% of 1.6381-1.4832. Cable seen bullish while remains
above the Mar 12 support line, seen as further supp at 1.5129. Bulls aim to
return to test key initial resistance while bears aim to slide to Mar 12 support line.


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