Resistance – 1.4708, 1.4740, 1.4770 Support – 1.4684, 1.4636, 1.46 Pair ran out of steam at a high of 1.4740 earlier today, following which a drop to 1.4677 was seen. The pair is now trading around 1.4708 levels, which is the leg D of the Cypher pattern drawn on the daily chart. Note the Leg D in the Cypher Pattern is where offers are expected to...
Pair's turn lower from the high of 1.4740 followed by a break below 1.47 handle followed by a 15-min closing below 1.4684 could result in an extended correction to support at 1.4636 levels. Note, we have had a symmetrical triangle breakout following rising bottom formation on daily chart. Hence, area around 1.4636 could see rise in demand for British Pound.
Resistance – 1.4777, 1.48, 1.4869 Support – 1.4685, 1.4636, 1.4604 Pattern – Bullish break from symmetrical triangle, inverse head and shoulder Pair’s bullish break from symmetrical triangle formation yesterday along with a day end closing well above 1.4685 (100% Fib expansion of Feb low-Mar high-April low) indicates continuation of rally that began from...
Pair witnessed a bullish break from symmetrical triangle as anticipated in Europe today. Spot jumped to a high of 1.4695 before trimming gains to trade around 1.4686 (100% Expansion of Feb low-Mar high-April low). Pair needs to break above the same, preferably on daily closing basis as that would open doors for a test of inverse head and shoulder...
Resistance - 1.4636, 1.4665, 1.47 Support - 1.4610, 1.4549, 1.45 Pair's rebound from Monday's low of 1.4443 has kept the rising bottom formation intact on daily charts. This coupled with daily closing well above critical resistance 1.4549 yesterday indicates the pair could take out 1.4636 (38.2% of 1.5930-1.3835 + symmetrical triangle resistance) and...
Pair's rebound from hourly 200-MA did result in a test if 1.4549 levels as anticipated in European session outlook. Prices managed to take out 1.4549 and clock a high of 1.4619. The spot currently trades around 1.4608 levels. Bulls now need a bullish break above 1.4636 (38.2% of 1.5930-1.3835+ symmetrical triangle resistance), preferably on day end closing basis...
Monthly chart shows a Cypher formation pointing to a extension of recovery (that began from 1.3835) to 1.65 levels. Note the rebound from 1.3835 levels is also a trend line support. Watch out for a break above 1.4627 (23.6%) which also increases the likelihood of the pair moving further to 38.2% level of 1.5117. Note the formation appears unlikely to unfold if...
Resistance – 1.45, 1.4549, 1.46 Support – 1.4443, 1.4413, 1.4375 Hourly chart pattern – Falling trend line intact Cable jumped to 1.4549 but failed to take out the same and fell to an intraday low of 1.4442 levels before recovering to end the day at 1.4483 levels. The day end closing kept the rising trend line (drawn from Apr 6 low – Apr 14 low) support on...
Cable rose to 1.4549 as expected in Europe, but failed to take out the same and dipped to 1.4461 levels. The currency pair now trades around 1.4467 levels. Outlook Cable's failure to take out 1.4549 followed by a break below hourly 200-MA indicates a short-term top has been made around 1.4660 and the intraday outlook is now consolidation with negative bias....
Resistance – 1.4558, 1.4636-1.4650, 1.4697 Support – 1.4488 (weekly 5-MA), 1.4413, 1.4375 Pair’s rebound from weekly 5-MA support of 1.4488 amid bullish daily RSI (at 55.00) indicates the prices could be heading towards 1.4549 (23.6% of 1.3835-1.4770) – 1.4558 (larger falling trend line resistance). Further gains towards symmetrical triangle resistance...
Cable dipped in Europe to near 1.4549 (23.6% of 1.3835-1.4770) as anticipated in European session outlook. We also talked about a possible rebound from 1.4549, although that failed to happen as the pair struggled to cut through 1.4575 levels. Outlook There is little data due for release in the US, hence big action is unlikely. However, dips below 1.4549...
Cable strengthened for fourth consecutive session yesterday after the data in the UK showed retail sales jumped more than expected in April. The BRC retail sales monitor had shown a sharp slowdown earlier this month, however, we had noted that unlike official data, it wasn’t seasonally adjusted. GBP/USD dropped to a low of 1.4332 (almost 23.6% of 1.5930-1.3835)...
Outlook on Cable remains bullish, given the bullish break from a larger falling trend line noted here Trapped between two trend lines - Red - Drawn from from Aug 25 high and Nov 2 high and extended Blue - Drawn from Sep 30 low and Nov 6 low and extended Unless there is a clear breach of either of two trend lines, it is advisable to stay on the...
Pair jumped to a high of 1.4665 following the release of a better-than-expected UK retail sales report. The spot now trades around 1.4652. Bulls are in control, although further gains need an hourly closing above 1.4636 (38.2% of 1.5930-1.3835), in which case 1.47 levels could be put to test. Meanwhile, strong support is seen at 1.46 and 1.4562 levels.
Falling Brexit risks and mixed UK employment and labor data released yesterday pushed GBP/USD pair to an intraday high of 1.4634 (just short of 1.4636 (38.2% of 5930-13835) before hawkish Fed minutes pushed the currency back to 1.4597 levels. Nevertheless, the daily closing at 1.4597 means a larger falling trend line drawn from Aug 25 high and Nov 2 high has...
Inverse head and shoulder breakout on hourly chart. However, bulls need to see if prices manage to stay above 1.4549! check out the previous update - At make or break level
Cable rebounded from 1.4303 to test 1.4480 levels as expected. The pair managed to cut through offers around 1.4480-1.45 and jump to a high of 1.4537 before retreating slightly to 1.4516 levels. Outlook - Inverse head and shoulder on hourly chart The neckline level is 1.4520. Breach of falling trend line on hourly + rebound seen today from trend line...
UK data released a few minutes ago was upbeat given the sharp spike in average hourly earnings including bonus. Exclusive of bonus, wage growth was slightly slower-than-expected. Meanwhile, jobless claims dropped as well. The small fall in the headline claimant count measure in April was dwarfed by the upward revision to the March figure, with 8,000 claimants...