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Technical Analysis: GBP/USD

Posted by Chris Advincula on May 16, 2013 6:36:00 AM

from Market News International

May 16 Thursday 10:35 GMT


CABLE TECHNICALS: Bears Look To Test 61.8% Level At 1.5128

RES 4: 1.5404/10/12/24 Highs Apr 12, 11, 38.2% of $1.6381-1.4832
RES 3: 1.5368/90/92 High Apr 19, Channel base from Mar 12, 21-DMA
RES 2: 1.5310/14 Former 38.2% of $1.4832-1.5606, May 10 low
RES 1: 1.5246/65 55-DMA, 5-DMA


SUP 1: 1.5207/19 Low May 14, 50.0% of $1.4832-1.5606
SUP 2: 1.5174 Low May 15
SUP 3: 1.5128/32 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 still holds below the 55-DMA, yesterday saw bulls attempt to
close back above but ended below, bulls managed a little recovery but the lower
high and lower low continues to weigh on sentiment. Bears look to close back
below the 50.0% of 1.4832-1.5606, price action already slipped below, support
below here at 1.5174, May 15 low, bears will likely test. Daily studies continue
to slide, weekly studies may reverse lower and monthly studies more-or-less bearish. resized 600

Chart: WorldWideMarkets Flash Trader


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