GBP/USD Long Term Bearish Outlook
Overall, the bias in prices is: Downwards.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 1.27.
The projected lower bound is: 1.22.
The projected closing price is: 1.24.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Relative Strength Index
The current value for the 14 period RSI is 50.0556.
The RSI, written by J. Welles Wilder in 1978, can be used in several different ways to analyze a chart.
Tops and Bottoms
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy 15 period(s) Ago.
The RSI often forms chart patterns (such as head and shoulders or rising wedges) that may or may not be visible on the price chart. Since the analysis of chart patterns is subjective, the Expert Advisor cannot find them. You will have to visually inspect the RSI indicator to look for such patterns.
Failure Swings (also known as support or resistance penetrations or breakouts)
The RSI does not currently show any Failure Swings.
Support and Resistance
The RSI shows, sometimes more clearly than the price chart, levels of support and resistance. As with chart formations, this is subjective, so you must visually inspect the chart to determine this.
The RSI and price are not diverging.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.000 at 1.245. Volume was 91% below average (consolidating) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
1.245 1.246 1.243 1.245 12,217
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.25 1.26 1.36
Volatility: 14 13 18
Volume: 153,831 145,512 119,970
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 8.4% below 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 volume flowing into and out of GBP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GBP= and have had this outlook for the last 7 periods.
Latest posts by HEFFX Australia (see all)
- Transurban Group (ASX:TCL) Further to Fall - December 12, 2017
- Nucoal Resources Ltd (ASX:NCR) Heffx Technical Analysis - December 12, 2017
- Raceday Focus: Knightsbridge Bloodstock Preview for Ascot Racecourse - December 12, 2017