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Thread: GBP/USD Mid-Day Outlook

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    Default GBP/USD Mid-Day Outlook

    GBP/USD Mid-Day Outlook
    GBPUSD Outlook | Written by ActionForex.com | Mar 03 08 14:28 GMT |
    GBP/USD Mid-Day Outlook
    Daily Pivots: (S1) 1.9809; (P) 1.9865; (R1) 1.9945; More

    Not much to add in cable as the pair is still bounded inside consolidation, probably in from of triangle. More choppy sideway trading could still be seen. On upside, while another rise could be seen to above 1.9971, but strong resistance should be seen as cable enters into mentioned 1.9980/2.0034 resistance zone (100% projection of 1.9337 to 1.9957 from 1.9360 at 1.9980 as well as 38.2% retracement of 2.1161 to 1.9337 at 2.0034.) On the downside, break of 1.9706 resistance turned support will indicate rise from 1.9360 has already completed. Also, so is the whole consolidation that started at 1.9337. In such case, retest of 1.9337 low should be seen.

    In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. The above view remains valid as long as upside of the consolidation from 1.9337 is limited by 2.0099 resistance. But firm break of 2.0099 will dampen this view and indicate that fall from 2.1161 has already completed. Much stronger rally should then be seen in


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    Default depth analyses of gbp/usd

    Sterling rose briefly above $2.02 versus the dollar on Monday after UK data showed factory gate inflation holding at a 16-year high last month, while manufacturing output rose for the first time since October.

    The figures supported market views that the Bank of England would not hurry to cut interest rates further from 5.25 percent after it held borrowing costs last week.

    The following technical analysis gives us a detailed lookout on what is expected to happen to GBP/USD.

    The buying point is at 2.0172; based on a bounce on standard error channel lower line.
    Fibonacci 161.8% is the take profit at 2.0320
    Fibonacci 38.2% is the stop loss at 2.0030

    The selling point is at 2.0020; based on a break strong support level.
    Previous support is the take profit at 1.9910
    Fibonacci 61.8%% is the stop loss at 2.0155

    To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the crossing of MACD line to the signal line and breaking of the zero level. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in an uptrend.

    The ROC is very important to understand the demand of the market and as we see on the graph it is in a bullish direction. The Stochastic oscillator crosses %D line below 20% level and continues to go higher.

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    Default

    Cable's dives further to as low as 1.9664 today and break of 1.9730 support zone confirms that whole decline from 2.0391 has already completed

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    Default

    Cable's rebound from 1.9650 continues and extends further to as high as 1.9841 so far, touching 4 hours 55 EMA.
    At this point, intraday bias remains on the upside as long as 1.9715 minor support holds and further rebound could still be seen.

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    Default

    Cable weakens against in early US session and at this point, intraday bias remains on the downside as long as 1.9768 minor resistance holds.
    Rebound from 1.9650 should have completed after touching 4 hours 55 EMA. Break of 1.9650 will indicate that decline from 2.0391 has resumed for retesting 1.9337 low. On the upside, while another rebound could still be seen, break of 2.0049 resistance is still needed to indicate fall from 2.0391 has completed. Otherwise, fall from 2.0391 is still expected to resume even in case of strong recovery.

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    Default

    Sterling's dive from 1.9894 and break of 1.9650 support indicates that whole fall from 2.0391 has resumed.
    At this point, intraday bias remains on the downside as long as 1.9714 minor resistance holds.
    Sustained trading below 1.9650 will set the stage for declining further to retest 1.9337 low.
    On the upside, above 1.9714 minor resistance will turn intraday outlook neutral first.

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    sterling is at 1.9735
    and making new highs from last 2 days

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    Default

    GBPUSD a bullish bias last week when it is traded at 1.6020 area. 1.7450 being its long term target.
    it is pulling up in strong days (solid green bars) Moving averages are in order to buy (5/10/20).it is well above the trend lines on the MACD and Momentum.

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    Default

    GBP/USD is now attempting to get back above 1.6300. The par fell to an intra-day low at 1.6240.That zone is now an important support for the Pound. Despite recent moves, the pair is heading toward the biggest daily loss since March. Against the Yen, the pound suffered strong corrections

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    Default

    if we look at the pounnd in the last 2 weeks w'll find that it was moving in an only 400 range pips..we could have make fortune utilizing this range

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