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Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on May 1, 2013 5:01:00 AM

May 1 Wednesday 9:00 GMT


CABLE TECHNICALS: Still Testing Daily Bollinger Band Top - 1.5546


RES 4: 1.5761/62/78 55-week MA, 200-DMA, 21-month MA
RES 3: 1.5733/43 55-month MA, Monthly Trendline Jan 2009
RES 2: 1.5590/5606 Channel top from Mar 12, 50.0% of 1.6381-1.4832
RES 1: 1.5546/61/70 Upper daily Bollinger band, 100-DMA, 21-week MA

LATEST PRICE: 1.5570

SUP 1: 1.5457/73/95 5-month MA, Apr 29 low, 5-DMA
SUP 2: 1.5424 38.2% of 1.6381-1.4832
SUP 3: 1.5374 5-week MA
SUP 4: 1.5334 21-day moving average

COMMENTARY: Cable continues to trade at the top of the daily Bollinger band and just
below the channel top from the Mar 12 low, also just under the 100-DMA. Initial
resistance at 1.5546/61/70, the upper daily Bollinger, 100-DMA and 21-week MA. Further resistance at 1.5590/5606, the channel top and 50.0% 1.6381-1.4832. Daily studies still
rising, but beginning to suggest overbought. Bears may attempt to recover some
gains, initial support at 1.5457/73/95, the 5-month MA, Apr 29 low and 5-DMA.

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