Daily Technical Report: November 19, 2014
ICN.com | Nov 19, 2014 05:05AM ET
The pair is trading around 1.2520, and breaching 1.2555 - 1.2560 and stabilizing above it confirms the ongoing upside move, whereas failing to breach the referred to levels favors bringing back the downside move. Breaching 1.2585 favors extending the upside move targeting 1.2635 and 1.2680, but confirming these expectations depends on breaching 1.2585.
h2 GBP/USD - European Session/h2The pair is still moving to the downside and attempting to break 1.5600 which will ease the way towards the next targets that start at 1.5500 then 1.5430. Linear Regression Indicators are still negative and support extending the bearish wave that requires stability below 1.5710.
The pair moved to the upside and breached 117.25 levels and stabilizing above it favors extending the upside move to target 117.85 and 119.00, while breaking 115.80 pushes us to reconsider the possibility of a bearish wave.
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The pair is still moving to the downside trading around 0.9580. Breaking 0.9540 and stabilizing below it favors extending the downside move to target 0.9480 and 0.9440, while moving back to the upside and breaching 0.9615 activates the positive expectations again targeting 0.9685.
The pair moved to the upside yesterday benefiting from stability above 1.1275 most of the time. In fact, the pair is trading within an ascending channel and trading above 1.1205 is positive and extends the upside move. But as for today, we will depend on stabilizing above 1.1240 to keep our positive expectations.
MACD is positive and RSI is trading above line 50. Linear Regression Indicators are positive which support the bullish possibility. The pair should breach 1.1365 to the upside to confirm further bullishness for today.
The pair dropped sharply and broke 0.8700, whereas stabilizing below it is negative now while breaching 0.8770 confirms the upside move and favors the possibility of moving to the upside. A break below 0.8650 threatens to fail the suggested expectations and activates the negative expectations again.
The pair dropped and is trading below the support of the ascending channel, which is negative. Linear Regression Indicators crossed over negatively and MACD is showing a negative divergence also, while RSI is trading below line 50 to the downside making trading below 0.7935 negative.
From the downside, breaking 0.7855 strengthens the bearish possibility, and we target retesting 0.7815 - 0.7800.
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