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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 18, 2013 4:00:00 AM

April 18 Thursday 8:00 GMT


CABLE Technicals: Daily Studies Turn Lower, Mar 12 Supp Line Key At 1.5153


RES 4: 1.5485 Reversal low 28 Jun 2012
RES 3: 1.5402/12/24 Upper daily Bollinger band, High Apr 11, 38.2% 1.6381-1.4832
RES 2: 1.5296 5-day moving average
RES 1: 1.5269/70/73 High Mar 25 & June 1 2012 low, 55-DMA, Apr 16 low


LATEST PRICE: $1.5252


SUP 1: 1.5198/5217/35 23.6% of 1.6381-1.4832, Low Apr 17, Weekly low Jan 2012
SUP 2: 1.5153 Support line from Mar 12 low
SUP 3: 1.5080 Lower daily Bollinger band
SUP 4: 1.5027/34 Low Mar 20, Low Apr 4


COMMENTARY: Cable leaves a lower high and lower low, again, turning daily studies
lower - 10-day mom looks likely to cross below the key zero-line, a bearish
signal. Initial support at 1.5198/5217/35, these being the 23.6% 1.6381-1.4832,
Apr 17 low and Jan 2012 weekly low. A key support line from the Mar 12 low lies at
1.5153, break below here threatens the lower daily Bolli at $1.5080. Bulls look
to return to the Apr 11 high at 1.5412 to continue an upward trend.

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