GBP/USD: Daily Technical Analysis for March 19, 2014

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The dollar traded mixed to higher against most major currencies on Tuesday after Russian President Vladimir Putin assured the world Moscow is not out to annex Ukraine, while expectations for the Federal Reserve to trim its monthly bond-buying program offset hit-or-miss U.S. housing indicators.


Intraday bias in the GBP/USD remains on the downside as 21/55 EMA, RSI and MACD on the 1hour and 4hours time-frames are all signaling further decline is expected to 1.65449. However Stochastic on the 1hour is indicating the bulls are still in control in the short term picture which happens to be in an over-bought situation.


A break of 1.65449 support would see further decline to 1.64759 (61.8% Fibonacci retracement from 1.62515 to 1.68213) which also happens to be the weekly support 2.


Key economic indicators scheduled to be watched out for todays is the GBP Claimant Count Change, MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes, Unemployment Rate, FOMC Economic Projections and FOMC Press Conference.

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