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Technical Analysis: GBP/USD

Posted by Chris Advincula on May 15, 2013 7:32:00 AM

from Market News International

May 15 Wednesday 11:33 GMT


CABLE TECHS: Studies Bearish & Weekly Studies Turning Lower

RES 4: 1.5393/5404/10/12/24 21-DMA, Highs Apr 12, 11, 38.2% of 1.6381-1.4832
RES 3: 1.5368/79 High Apr 19, Channel base from Mar 12
RES 2: 1.5309 5-DMA
RES 1: 1.5245 55-DMA


SUP 1: 1.5207/19 Low May 14, 50.0% of 1.4832-1.5606
SUP 2: 1.5128/33 61.8% of 1.4832-1.5606, Lower daily Bollinger band
SUP 3: 1.5015/25 76.4% of 1.4832-1.5606, Measured move of channel break
SUP 4: 1.4832 Low Mar 12

COMMENTARY: Cable descends further to trade below the 55-DMA, now initial
resistance at 1.5245, bulls look to retest this level but daily studies continue
to slide, weekly studies suggest an imminent reversal and monthly studies are
neutral to bearish. We continue to note the measured move of the channel-break
targets 1.5025, ahead of here initial support at 1.5207/19, yesterday's low
and 50.0% of 1.4832 to 1.5606. Bears aim to retest the Mar 12 low at 1.4832. resized 600

Chart: WorldWideMarkets Flash Trader


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