FX
TECHNICAL ANALYSIS MACROECONOMICS GBP/USD
Technical picture on Cable is more definite than on the single European currency. Price broke an important support line and currently is quoted below the short-term 20 simple moving average and long-term 200 simple moving average indicators, signaling us about the possible downside expansion ahead. However RSI indicator reached the oversold zone implying the corrective action in near- term perspective. Next key support level locates on the local low of the March 2010 - 1.4780 (S1) mark. Any penetration below it would assist the short oriented traders to prolong price regress towards to next target at 1.4230 (S2) mark. The low of the May, 2010 is quite important technical level and here is possible slow-down of the downtrend evolvement or pull back formation to the higher corrective targets. Though if the
instrument manages to surpass it then further price downgrade would be limited to final supportive mean at 1.3640 (S3).
On the other side, if the price continues moving upwards, supported by positive short-term upside momentum, likelihood of our key resistive structure at 1.5230 (R1) retest is quite high. Market stabilization above this level might cause further appreciation towards to our interim target at 1.5600 (R2). Any further progress of the GBPUSD due to the corrective action would then face final resistive structure at 1.5830 (R3) in our medium-term technical outlook.
Resistance levels: 1.5230, 1.5600, 1.5830 Supports Levels: 1.4780, 1.4230, 1.3640
84 FX TRADER MAGAZINE April - June 2013
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