British Pound (£) ⇨ US Dollar ($) Trading Brexit
Brexit seems to be improving the UK economy and the outlook for the gbp. despite various EU threats and tantrums Brexit has proven to be a winner.
Overall, the bias in prices is:___Upwards.
Short term:______________ Prices are moving.
Intermediate term:_________Prices are trending.
By the way, prices are vulnerable to a correction towards 1.26.
The projected upper bound is:__1.32.
The projected lower bound is:__1.28.
The projected closing price is:__1.30.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 64.1330. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 67.80. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 period(s) ago.
The RSI is between 70 and 30. Open trades should be closely monitored, but new trades should be avoided.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 121.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 16 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.006 at 1.298. Volume was 21% below average (neutral) and Bollinger Bands were 50% wider than normal.
Open High Low Close Volume
1.292 1.298 1.290 1.298 108,312
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.29 1.25 1.26
Volatility: 7 10 12
Volume: 125,811 131,575 137,246
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX GBP= is currently 3.0% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into GBP= (mildly bullish). Our trend forecasting oscillators are currently bullish on GBP= and have had this outlook for the last 31 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.