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Technical Analysis: GBP/USD tested 1.5140

Posted by Chris Advincula on May 21, 2013 6:37:00 AM

From Market News International 

May 21 Tuesday 10:40 GMT

 

CABLE TECHNICALS: Daily Studies Firmer But Bulls Fail At May 20/17 Highs

RES 4: 1.5404/10/12/24 Highs Apr 12, 11, 38.2% of 1.6381-1.4832
RES 3: 1.5368/89 High Apr 19, 21-DMA
RES 2: 1.5310/14 Former 38.2% of 1.4832-1.5606, May 10 low
RES 1: 1.5281/86 Highs May 20, 17

LATEST PRICE: 1.5254

SUP 1: 1.5207/19 Low May 14, 50.0% of 1.4832-1.5606
SUP 2: 1.5158/74 Lows May 17, 15
SUP 3: 1.5110/18/28 Mthly & Dly Bollinger band base, 61.8% of 1.4832-1.5606
SUP 4: 1.5015/25 76.4% of 1.4832-1.5606, Measured move of channel break

COMMENTARY: Cable bumps higher, but fails to break above the highs of May 20 and
17, initial res at 1.5281/86. Failure here could send the pair tumbling however
we add caution as dly studies suggest a potential reversal. Despite this,
wkly/mthly studies remain bearish, initial supp at 1.5207/19, May 14 low and
50% 1.4832-1.5606, which holds cable. Further supp at 1.5158/74, the lows of
May 17 and 15, a break below here could complete the measured move to 1.5025.

 

cable.tech.5.21 resized 600

Chart: WorldWideMarkets Flash Trader

 

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