Last Update At
28/12/2012 00:47 GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.6122
55 HR EMA
1.61438
Trend Hourly Chart
Down
Hourly Indicators
Rising fm oversold
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Marginal weakness b4 rebound
Resistance
1.6238 - Dec 19 low
1.6203 - Y'day's high
1.6151 - Y'day's NY sup, now res
Support
1.6067 - Y'day's low
1.6043 - Dec 07 NY high
1.6003 - Dec 07 low
. GBP/USD - 1.6112 ... The British pound also gyrated in tandem with euro y'day. Although cable edged higher in Asia n then rallied above Wed's 1.6170 top to 1.6203 in Europe, sterling later tumbled below Mon's 1.6101 low to 1.6067 at NY midday due to renewed worries over the looming U.S. fiscal cliff.
. Y'day's selloff fm 1.6203 to 1.6067 confirms decline fm last Wed's near 3-month high at 1.6307 to retrace the upmove fm Nov's low at 1.5828 remains in progress n as price is currently trading well below 21-hr n 55-hr emas, suggest- ing as long as 1.6203 res holds, downside bias remains for marginal weakness below said y'day's 1.6067 low (one tick below 1.6068 - 50% r 1.5828-1.6307), how ever, as hourly oscillators' readings have displayed 'bullish convergences', further steep fall is not envisaged n price shud hold well abv 1.6003/11 (Dec 07 low n 61.8% r of 1.5828-1.6307 respectively) n bring rebound later.
. Today, selling cable on intra-day recovery in anticipation of one more fall is favoured but one may look to buy on next decline for prospect of a subse quent bounce. Abv 1.6203 wud signal correction is over, yields 1.6238 n 1.6260.