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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 23, 2013 2:54:00 AM

April 23 Tuesday 6:55 GMT


CABLE Technicals: Key Support Around 1.5188 to 1.5204


Resistance 4: 1.5485 Reversal low 28 Jun 2012
Resistance 3: 1.5409/10/12/24 Upper daily Bollinger, Highs Apr 12, 11, 38.2% 1.6381-1.4832
Resistance 2: 1.5368/73/79 Highs Apr 19, 17 and 16
Resistance 1: 1.5298 Hourly high


LATEST PRICE: 1.5254


Support 1: 1.5247/52 55-DMA, 21-DMA
Support 2: 1.5188/98/5204 Supp line from Mar 12, 23.6% 1.6381-1.4832, Apr 22 low
Support 3: 1.5096 Lower daily Bollinger band
Support 4: 1.5027/34 Low Mar 20, Low Apr 4


COMMENTARY: Cable in a bit of a range while daily studies slide, price action
nears the Mar 12 support line and yesterday met support from the former 23.6% of
1.6381-1.4832, all part of key further support around 1.5188/98/5204, these
being the Mar 12 support line, 23.6% and Apr 22 low. Ahead of here, initial support
at 1.5247/52, the 55 and 21-DMAs. However, weekly studies are bullish and initial
resistance at 1.5298, the hourly high. Above here resistance seen as more daily highs.

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