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1.4365 is still caping the Cable

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 28, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    GBPUSD Hourly 28-01-2016 06-17-26 ص.jpg
    After rising to 1.4365, the cable came again under pressure yesterday following the release of Dec UK BBA Mortgage Approvals which retreated to 43.975k, while the consensus was referring to rising to 45.500, after 44.533k in November.

    The British pound has been also disappointed by Nationwide Housing Prices s.a rising this month by only 0.3%, while the forecast was pointing to increasing by 0.6% monthly, after soaring by 0.8% in December.

    The cable which is waiting today for the preliminary release of UK Q4 GDP is having now its daily Parabolic SAR (step 0.02, maximum 0.2) below the trading rate for the fifth day in a row reading today 1.4106.

    The cable daily RSI-14 is now in the neutral territory barely above its oversold area below 30 reading now 32.436, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in neutral region reading 64.461 and also its signal line is reading now 68.965, after failing to enter the overbought area above 80 by facing repeated resistance near 1.4365 area.

    The cable drawdown is now meeting its hourly SMA200 at 1.4242 below its hourly SMA50 and hourly SMA100 in a relatively deep place below its daily SMA50, its daily SMA100 and its daily SMA200

    Important levels: Daily SMA50 @ 1.4777, Daily SMA100 @ 1.5043 and Daily SMA200 @ 1.5278

    S&R:

    S1: 1.4171
    S2: 1.4078
    S3: 1.40
    R1: 1.4365
    R2: 1.4474
    R3: 1.4643


    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143
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