Trading Brexit British Pound (£) ⇨ US Dollar ($) (GBPUSD)

Trading Brexit British Pound (£) ⇨ US Dollar ($) (GBPUSD)

Trading Brexit British Pound (£) ⇨ US Dollar ($) (GBPUSD)

FOREX GBP= closed down -0.013 at 1.414. Volume was 4% below average (neutral) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
1.427 1.427 1.409 1.414 103,741

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
The current market condition for FOREX GBP= is:

Very Bearish

The close is currently Below it’s 200 period moving average.
The close is currently Below it’s 90 period moving average.
The close is currently Below it’s 30 period moving average.

Moving Averages: 10-period 50-period 200-period
Close: 1.44 1.44 1.47
Volatility: 12 10 11
Volume: 118,192 109,685 96,588

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.

Summary

FOREX GBP= is currently 3.8% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of GBP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on GBP= and have had this outlook for the last 8 periods.

Momentum

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 19.3761. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 6 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 34.52. 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 buy 76 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -176.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 10 period(s) ago.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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