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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 30, 2013 4:03:00 AM

April 30 Tuesday 8:05 GMT

CABLE TECHNICALS: Back Within Bolliger, Bulls Eye Channel Top - 1.5578

RES 4: 1.5700 Mthly Trendline Jan 2009
RES 3: 1.5606 50.0% of 1.6381-1.4832
RES 2: 1.5567/69/78/99 100-DMA, 21-week MA, Channel top from Mar 12, 5-month MA
RES 1: 1.5518 Upper daily Bollinger band


SUP 1: 1.5473 Apr 29 low
SUP 2: 1.5424/33 38.2% of $1.6381-1.4832, 5-DMA
SUP 3: 1.5374 5-week MA
SUP 4: 1.5298/5311 Apr 23 high, 21-day moving average

COMMENTARY: Cable left a little doji with a sizable upper-shadow, the pair now
trades back within the daily Bollinger band which forms initial resistance at
1.5518, which bulls may look to pressure. Daily/weekly studies continue to rise but
mothly studies still weak, if bulls can't break above the monthly former trendline
at 1.5700 we may see bears move to test the channel base at 1.5248. Initial
support at 1.5473, Apr 29 low, further support 1.5424/33, former 38.2% and 5-DMA.

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