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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 26, 2013 3:24:00 AM

April 26 Friday 7:25 GMT

CABLE TECHS: Breaks Above 38.2% - Bulls Eye Channel Top At 1.5554


RES 4: 1.5606 50.0% of 1.6381-1.4832
RES 3: 1.5579 100-day moving average
RES 2: 1.5554/57 Channel top from Mar 12, 5-month MA
RES 1: 1.5480/85 High Apr 25, Reversal low 28 Jun 2012

LATEST PRICE: 1.5441

SUP 1: 1.5424 38.2% of 1.6381-1.4832
SUP 2: 1.5339 5-day moving average
SUP 3: 1.5284 21-day moving average
SUP 4: 1.5224/28 Channel base from Mar 12, 55-DMA

COMMENTARY: Cable burst through resistance levels to close above the 38.2% of
1.6381-1.4832 at 1.5424, now initial support. Daily studies are also turning
higher while weekly studies also rise. Monthly studies a bit bearish to flat.
Initial resistance now at 1.5480/85, the Apr 25 high and reversal low from 28
Jun 2012. A break above could target the channel top, seen at 1.5554 just below
the 5-month MA at 1.5557. Bears look to retest the 38.2% at $1.5424 as support.

Market News International & WorldWideMarkets

 

gbp.tech.4.26 resized 600

Chart: WorldWideMarkets Flash Trader

 

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