GBP/USD ANALYSIS 8/1/2013

TECHNICAL STUDIES: DAILY PIVOT POINT, MOVING AVERAGES, BOLLINGER BANDS, RSI, FIBONACCI RETRACEMENT 

Price opened above pivot point today so it is initially bullish sign but it has dropped below pivot point at the time of typing this analysis. SMA5 has made dead cross with SMA10, price is below SMA5,10 & 15. Price has dropped below long term averages SMA50&100 so moving averages are bearish.

Cable has tested middle band and is above middle band, but it looks weak weak support. Bollinger bands are contracting, RSI is below its midpoint. 61.8% FIB of 1.575-1.4812 proved strong resistance, fall from there could not get support on 50%, price fell below 38% but didnot close under it. So I will be looking this leve 1.5168.

FIB 1.4811-1.5432, its 50% level 1.5119 is also one important level for today.

Overall I am bearish today.

Important levels to watch today

Support 1.5168,1.5119,  

CONTACT: newtraders01@gmail.com

DAILY FOREX ANALYSIS 7/29/2013

PAIR: GBPUSD

TECHNICAL STUDIES: DAILY PIVOT POINTS, MOVING AVERAGES, BOLLINGER BANDS, RSI, FIBONACCI RETRACEMENT 

DAILY PIVOT POINTS: PP 1.5381, Price opened below PP so it is bearish.

Moving Averages 5,10&15: SMA5 1.5360, SMA10 1.5301, SMA1.5218. SMA10 is untested for 9 days.

SMA5 is straight, SMA10&15 are moving in upward direction.

Moving Averages50,100&200: SMA50&100 are supporting price and SMA200 is providing resistance and it is dropping.

Bollinger Bands: Price is above middle band, Bollinger Bands are expanding.

RSI: RSI is at 55 and droping.

Fibonacci Retracement: price is between fib 61&50%.

BIAS: Keeping in view price below PP and has opened around SMA5. SMA10 is also untested for 9 days so technically I am bearish on this pair.

FUNDAMENTAL: GBP USD NEWS

GBP:

Net Lending to individuals m/m expected 1.4B

M4 Money Supply m/m expected 0.2%

Mortgage Approvals expected 60K

CBI Realised Sales expected 11

RISK: There are some high profile news release this week and will heavily influence direction of market.

CONTACT: newtraders01@gmail.com

DAILY FOREX ANALYSIS 7/26/2013

PAIR: GBPUSD

TECHNICAL STUDIES: DAILY PIVOT POINTS, MOVING AVERAGES, BOLLINGER BANDS, RSI, FIBONACCI RETRACEMENT:

DAILY PIVOT POINT: Price opened 1.5388 above pivot point 1.5361.So it is bullish start.

MOVING AVERAGES(5,10,15): SMA5 1.5359, SMA10 1.5274, SMA15 1.5190. SMA 5,10& 15 are below price and are moving in upward direction. SMA10 is untested for 7 days.

MOVING AVERAGES(50,100,200): SMA50 1.5293, SMA100 1.5280 ae below price and are providing support. SMA200 1.5565 is resistance. 

BOLLINGER BANDS: Bollinger Bands are expanding , upper band is moving higher and lower band is moving lower.

RSI: RSI is at 56. 

FIBONACCI RETRACEMENT: 1.5748-1.4812. yesterday price broke 61.8% resistance and closed below it. At the moment it is below 61.8% resistance. 

BIAS: My bias is bullish today.

RISK: 61.8% fib has proved strong resistance, price has to break it to continue its upward direction.
CONTACT: newtraders01@gmail.com

DAILY DAY END FOREX REVIEW 7/25/2013

PAIR:GBPUSD

TECHNICAL REVIEW: 

Today price opened at 1.5311 below PP made low of 1.5261, and high of 1.5432. Although it broke 1.54 resistance but closed below it.

FUNDAMENTAL REVIEW:

GBP: GDP data was released of UK. It was 0.6% as forecast 

USD: Core durable goods order at 0.0% against forecast of 0.5%

USD: Unemployment claims at 343K against forecast 339K

USD: Durable goods order m/m at 4.2% against forecast of 1.1% 

CONCLUSION:

In my view GBP long is favorable as British economy is showing signs of improvement.

USD strength is coming from taper expectations, in my point of view data don't support early taper.

Technically GBPUSD is above bollinger bands, daily RSI is above 50, most of moving averages I follow are below price, so i am bullish on GBPUSD.

CONTACT: newtraders01@gmail.com

DAILY DAY END FOREX REVIEW 7/24/2013

PAIR: GBPUSD
TECHNICAL REVIEW:
Today it opened at 1.5365, made high of 1.5389 and low of  1.5287. It got resistance from 61.8% fib level and was supported at 50% fib of 1.575-1.4812. Support was also provided by 50d average at 1.5287.
There is event risk of preliminary British GDP data tomorrow. Only good data can support price and will take it above 61.8% fib.
Today range: 100 pips.
FUNDAMENTAL REVIEW:
GBP:
CBI Industrial order expectation data was released today, it was -12 as expected. It was medium impact data and came as expected so could not support GBP.
USD:
There were 3 fundamental news in USD, Flash Manufacturing PMI was 53.2 against expected 52.5
New Home Sales 497K against expected 482K.
Crude Oil Inventries -2.8M against -2.5M expected.
Fundamentals supported USD.
CONTACT: newtraders01@gmail.com

ANNOUNCEMENT

FROM TODAY I WILL BE DOING END OF DAY REVIEW OF MARKET. WILL ANALYSE MARKET BEHAVIOR AND MY ANALYSIS.
IN TECHNICAL STUDY ADDITION OF FIBONACCI RETRACEMENT  WILL BE ADDED.
I WILL ALSO ADD FUNDAMENTAL ANALYSIS TO MY DAILY REPORT.

DAILY FOREX ANALYSIS 7/23/2013

PAIR: GBPUSD

TECHNICAL STUDIES: Daily Pivot Points, Moving Averages(5,10,15,50,100,200), Bollinger Bands, RSI.

Daily Pivot Points: PP 1.5362. Open 1.5365. It opened today just above pivot point, so I am neutral from pivot point.
Moving Averages (5,10,20): SMA5 1.5315, SMA10 1.5223, SMA15 1.5140. Moving averages are below price, and are moving in upward direction SMA5&SMA10 have crossed middle band. SMA5 is untested for last 3 days.
Moving Averages(50,100,200): SMA50 1.5288, SMA100 1.5273, SMA200 1.5573. SMA50&100 are below price and are providing support, SMA200 is resistance.
Bollinger Bands:  Bollinger Bands are expanding, upper band in upward direction and lower band in lower direction. middle band is still straight. Price is above middle band so it is bullish.
RSI: RSI is 57 and its bullish.
Bias: My bias is technically Bullish as price is supported by SMA5,10,15,50,100, and middle bollinger band.
Risk:  Yesterday it did not move much, remained between PP & R1. And opened just at PP. So is it losing bullish momentum? I have to see today.
Trade Plan:
Bullish above: 1.5400
Bearish below:1.5334
CONTACT: newtraders01@gmail.com