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Technical Analysis: GBP/USD

Posted by Chris Advincula on May 13, 2013 7:21:00 AM

from Market News International

May 13 Monday 11:20 GMT

 

CABLE TECHS: Bears Look To Close Below Channel Base At 1.5355

RES 4: 1.5504/20 100-DMA, Channel mid-line from Mar 12 low
RES 3: 1.5485 Low May 3
RES 2: 1.5434 5-DMA
RES 1: 1.5405/10/12 21-DMA, Highs Apr 12, 11

LATEST PRICE: 1.5368

SUP 1: 1.5310/14 38.2% of $1.4832-1.5606, May 10 low
SUP 2: 1.5219/43 50.0% of $1.4832-1.5606, 55-DMA
SUP 3: 1.5128/67 61.8% of $1.4832-1.5606, Lower daily Bollinger band
SUP 4: 1.5015/25 76.4% of $1.4832-1.5606, Measured move of channel break

COMMENTARY: Cable now moves below the channel base from Mar 12, a close below
would potentially start a measured move to 1.5025, especially while daily
studies continue to slide so sharply. The monthly chart shows how cable failed
to break back into the ascending triangle, resistance at 1.5743, which opens
the downside to further losses. Initial support now at $1.5310/14, the key 38.2%
and May 10 low. Support below here at 1.5243, the 55-DMA.

 

gbp.tech.5.13 resized 600 

Chart: WorldWideMarkets Flash Trader

 

Chart: WorldWideMarkets Flash Trader

 

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