GBP/USD Analysis
It is a wow yesterday, with how weak the dollars goes. Gold hit $1535, silver hit near $50.
Both Euro and pound made new high. The pound attempt 1.67, putting the support now at 1.66, and with a potential to zoom towards 1.7.
The University of Michigan Consumer Sentiment Index is expected to remain near a six-month low when the final April numbers are released Friday as rising gas prices continue to weigh on consumers minds and push up inflation expectations
GBP held near a 17-month high versus the USD today, keeping gains as investors placed more bearish bets on the USD after the Fed signaled it was in no hurry to reverse policy. British consumer confidence data fell again, however, GBP/USD held support and is heading higher again.
Support is at 1.66, then 1.646. Resistance is at 1.67, then 1.686 (Fib projection)
CCI indicates a down, meaning a consolidation.
Friday, April 29, 2011
Wednesday, April 27, 2011
27 Apr 2011
GBP/USD Analysis
Look as if a support at 1.645 has prevent any breech down even with the better US economy sentiments on the US New homes sales and US consumer confidence.
Weighing strongly today is the news at 1630 on UK Prelim GDP. The expectation is 0.5% growth and that will push the pound higher, gaining confidence that the UK economy is recovering.
Support at the hour chart EMA200 lies at 1.645/46. With next at daily EMA21 at 1.638/40
Daily CCI 34 is flaten, with overbought occurred and now the CCI has cut the first BB line, an indication of a downward movement.
Pound made high and attempt 1.660. If the news break this high, pound will made towards resistance at 1.70!
Look as if a support at 1.645 has prevent any breech down even with the better US economy sentiments on the US New homes sales and US consumer confidence.
Weighing strongly today is the news at 1630 on UK Prelim GDP. The expectation is 0.5% growth and that will push the pound higher, gaining confidence that the UK economy is recovering.
Support at the hour chart EMA200 lies at 1.645/46. With next at daily EMA21 at 1.638/40
Daily CCI 34 is flaten, with overbought occurred and now the CCI has cut the first BB line, an indication of a downward movement.
Pound made high and attempt 1.660. If the news break this high, pound will made towards resistance at 1.70!
Monday, April 25, 2011
24 Apr 2011
GBP/USD Analysis
Banks on hoilday, so don't expect much movement today.
Last week, the pound cleared the resistance above 1.64 and strongly above and away from resistance at 1.646. In fact it attempt 1.66, before returning to 1.65.
Dollars has been weaken as seen by more quality easing from the Fed. Commodities ramp up because of the weal dollars with gold and silver reaching record high. Gold hit $1500!
Banks on hoilday, so don't expect much movement today.
Last week, the pound cleared the resistance above 1.64 and strongly above and away from resistance at 1.646. In fact it attempt 1.66, before returning to 1.65.
Dollars has been weaken as seen by more quality easing from the Fed. Commodities ramp up because of the weal dollars with gold and silver reaching record high. Gold hit $1500!
Wednesday, April 20, 2011
20 Apr 2011
GBP/USD Analysis
After the attempt at support at 1.618 and 1.623, the pound rebound and maintain price at 1.627 and now 1.632.
THe daily CCI is out of the BB lower line, an indication that the down trend has ended. But CCI remain high at above a positive figure of 53. It look as if the support is at 1.627/30 or the daily EMA21.
Today there is 2 major news. One at 1630hrs SGT on UK MPC voting and the other at 2200hrs SGT on US existing home sales.
A change in the MPC voting will trigger the intention to raise interest rates and may cause the pound to go high. Resistance is at 1.64, and if broken, it will be a whole new level with 1.64 as the support.
On the US, Sales of existing homes in the world’s largest economy is expected to increase at an annualized pace of 5.00M from 4.88M, and the rebound in purchases could spark a bullish reaction in the U.S. dollar as growth prospects improve. This move will pull the pound back from 1.64 to support at 1.632/30
A safe way to trade is to sell at resistance and buy at support after reversal at support.
After the attempt at support at 1.618 and 1.623, the pound rebound and maintain price at 1.627 and now 1.632.
THe daily CCI is out of the BB lower line, an indication that the down trend has ended. But CCI remain high at above a positive figure of 53. It look as if the support is at 1.627/30 or the daily EMA21.
Today there is 2 major news. One at 1630hrs SGT on UK MPC voting and the other at 2200hrs SGT on US existing home sales.
A change in the MPC voting will trigger the intention to raise interest rates and may cause the pound to go high. Resistance is at 1.64, and if broken, it will be a whole new level with 1.64 as the support.
On the US, Sales of existing homes in the world’s largest economy is expected to increase at an annualized pace of 5.00M from 4.88M, and the rebound in purchases could spark a bullish reaction in the U.S. dollar as growth prospects improve. This move will pull the pound back from 1.64 to support at 1.632/30
A safe way to trade is to sell at resistance and buy at support after reversal at support.
Tuesday, April 19, 2011
19 Apr 2011
GBP/USD Analysis
The market was down, supported at 1.624, before the US news at 2200 and 2230hrs on NAHB Housing Market Index and FOMC rattled the movement up to 1.633, then turned down towards 1.616.
From the CCI, that finished the downside indication, as the CCI has punched out of the lower BB line. Pound hit below 1.623, a strong support for tha last week, attempt to break it, rebound and now this morning stands at 1.625/ 26.
Numerous Europe news in the afternoon. The issue of soverign debts has come back.
Support is at EMA21 at 1.62. EMA55 at 1.610. Resistance at 1.63. then 1.635. Bothe EMA can also be resistance. Expecting some swing between EMA21 and EMA55.
The market was down, supported at 1.624, before the US news at 2200 and 2230hrs on NAHB Housing Market Index and FOMC rattled the movement up to 1.633, then turned down towards 1.616.
From the CCI, that finished the downside indication, as the CCI has punched out of the lower BB line. Pound hit below 1.623, a strong support for tha last week, attempt to break it, rebound and now this morning stands at 1.625/ 26.
Numerous Europe news in the afternoon. The issue of soverign debts has come back.
Support is at EMA21 at 1.62. EMA55 at 1.610. Resistance at 1.63. then 1.635. Bothe EMA can also be resistance. Expecting some swing between EMA21 and EMA55.
Monday, April 18, 2011
18 Apr 2011
GBP/USD Analysis
No major news today. So it is all predictive and technicals.
The issues of Europe debts dotted the papers and Bloomberg again. Europe has raised its interest rate and has the intention to move them up. UK MOC has start voting to raise interest rate, but is 3 against 9.
Dollars has been strengthening since last week. Gold move up to above $1480.
Wihout news, today until Wednesday UK MPC voting, all the less than positive news build up, the technicals revealed that the pound is retreating.
CCI on the daily is down. Allow the pound to find support at 1.627 (EMA21 daily) which is may hit this morning and gain next towards 1.620.
Resistance is at 1.634/35.
No major news today. So it is all predictive and technicals.
The issues of Europe debts dotted the papers and Bloomberg again. Europe has raised its interest rate and has the intention to move them up. UK MOC has start voting to raise interest rate, but is 3 against 9.
Dollars has been strengthening since last week. Gold move up to above $1480.
Wihout news, today until Wednesday UK MPC voting, all the less than positive news build up, the technicals revealed that the pound is retreating.
CCI on the daily is down. Allow the pound to find support at 1.627 (EMA21 daily) which is may hit this morning and gain next towards 1.620.
Resistance is at 1.634/35.
Thursday, April 14, 2011
14 Apr 2011
GBP/USD Analysis
The performance of the GBP/USD was confined within the range 1.631 and 1.6230. The occassion of news spike the pound up and down but trade within a range.
Only one major news, which is on US unemployment claims and PPI both at 2030hrs SGT. Both are expected to produce a better results for the economy recovery, but the fear of inflation is on. The dollars has been weak against the Eur and the pound in the recent tradings. Eur hit high at 1.45. These means that the GBP/USD pair will continue the range trading, a weak dollars but a stronger US economy.
Looking technically, CCI is in favour for a short. Strong support was witnessed at 1.623. Resistance was at 1.631/32. The hour chart clearly shows a squeeze with all the EMAs forming a resistance at 1.631/32.
From the daily chart, a breakout is possible and that will define new resistance at 1.64. Support if broken at 1.623 will bring the pound lower to 1.617
The performance of the GBP/USD was confined within the range 1.631 and 1.6230. The occassion of news spike the pound up and down but trade within a range.
Only one major news, which is on US unemployment claims and PPI both at 2030hrs SGT. Both are expected to produce a better results for the economy recovery, but the fear of inflation is on. The dollars has been weak against the Eur and the pound in the recent tradings. Eur hit high at 1.45. These means that the GBP/USD pair will continue the range trading, a weak dollars but a stronger US economy.
Looking technically, CCI is in favour for a short. Strong support was witnessed at 1.623. Resistance was at 1.631/32. The hour chart clearly shows a squeeze with all the EMAs forming a resistance at 1.631/32.
From the daily chart, a breakout is possible and that will define new resistance at 1.64. Support if broken at 1.623 will bring the pound lower to 1.617
Wednesday, April 13, 2011
13 Apr 2011
GBP/USD Analysis
The news at 1630hrs SGT on UK CPI shift the pound down to support at 1.623. It rebound back to resistance at 1.63 and hit 1.633.
During the US trading session, the pound was squeeze between these 2 lines. It further squeeze between 1.624 and 1.628.
Today the action news come at 1630hrs SGT on UK Claimant Payout. The expectation is that there will be less payout meaning the economy is doing better. US retail sales is at 2030hrs SGT, expecting the retail to do better. As seen one pull and one push, the pound is expected to be ranged or whipsaw.
Golden Sachs dumped commodities yesterday. This cause oil and gold to fall from its high, suggesting a strengthening of the dollars.
Technically, CCI is down. Support at EMA21 at 1.623, then 1.617. Resistance is at 1.628. Breaking this will permit the pound to go towards 1.63/ 1.633. Breaking 1.633 will be a good zoom towards 1.64.
There is a whipsaw news expecation, plus a lot of support and resistances, thus either play with small profits or wait for breakout at 1.620 and 1.635
The news at 1630hrs SGT on UK CPI shift the pound down to support at 1.623. It rebound back to resistance at 1.63 and hit 1.633.
During the US trading session, the pound was squeeze between these 2 lines. It further squeeze between 1.624 and 1.628.
Today the action news come at 1630hrs SGT on UK Claimant Payout. The expectation is that there will be less payout meaning the economy is doing better. US retail sales is at 2030hrs SGT, expecting the retail to do better. As seen one pull and one push, the pound is expected to be ranged or whipsaw.
Golden Sachs dumped commodities yesterday. This cause oil and gold to fall from its high, suggesting a strengthening of the dollars.
Technically, CCI is down. Support at EMA21 at 1.623, then 1.617. Resistance is at 1.628. Breaking this will permit the pound to go towards 1.63/ 1.633. Breaking 1.633 will be a good zoom towards 1.64.
There is a whipsaw news expecation, plus a lot of support and resistances, thus either play with small profits or wait for breakout at 1.620 and 1.635
Tuesday, April 12, 2011
12 apr 2011
GBP/USD Analysis the range between 1.635 and 1.640 was observed yesterday. But the pound attempt to break both barrier to hit low at 1.630 support and 1.645 resistance. The break happened during US trading hours when it goes below 1.635 towards 1.630. There are conflicting good and bad news for th UK economy. The UK housing is still not picking up and retail sales was not that ideal. On the other side, the USD is also not performing. Looking technically, GBP has cut CCI with an overbought at the first BB line, an indication for a good time to short. If the down trend or a correction is to follow after last week peak at 1.643 and yesterday peak, the support will be at 1.630 then 1.624 at EMA21. On the high side, if 1.64 to 1.645 proves to be the resistance. If that breaks, then it is a sign of a bullish reversal. All short positions should let go. Then potential, we will see 1.640 as the new and strong support.
Monday, April 11, 2011
11 Apr 2011
GBP/USD Analysis
Last week, both the pound and the euro create new high. It seems that the debt problem has covered by what is happening in the mid east. Oil price hit $110 a barrel and indeed gave rise to inflation. But that does not explain the hike in the pound and euro. Basically the dollars has weaken.
My take on the weaken dollar is therefore temporal. The mid east crisis cause oil price and commodities prices to go high. Gold also hit above $1475. As both are related to USD, the USD was speculatively weaken to be taken advantage of.
ECB has raised the interest rate by half a percent point and that gave even more advantage for the Euro to be held against the USD. The pound also follow suite.
On the technical, the daily CCI has hit an overbought stage. It has not cut the BB to be a signal readied to short. Resistance is at 1.640 and 1.645 after it has breach the 1.640 psychological mark.
On the down side support is at 1.630 and 1.624.
Little news today, so I am expecting the pound to range between 1.640 and 1.635. If a break occur, expect the resistance and the support to be targeted.
Last week, both the pound and the euro create new high. It seems that the debt problem has covered by what is happening in the mid east. Oil price hit $110 a barrel and indeed gave rise to inflation. But that does not explain the hike in the pound and euro. Basically the dollars has weaken.
My take on the weaken dollar is therefore temporal. The mid east crisis cause oil price and commodities prices to go high. Gold also hit above $1475. As both are related to USD, the USD was speculatively weaken to be taken advantage of.
ECB has raised the interest rate by half a percent point and that gave even more advantage for the Euro to be held against the USD. The pound also follow suite.
On the technical, the daily CCI has hit an overbought stage. It has not cut the BB to be a signal readied to short. Resistance is at 1.640 and 1.645 after it has breach the 1.640 psychological mark.
On the down side support is at 1.630 and 1.624.
Little news today, so I am expecting the pound to range between 1.640 and 1.635. If a break occur, expect the resistance and the support to be targeted.
Subscribe to:
Comments (Atom)