British Pound News
Europe’s leaders are set to demand that the European Commission publish no-deal plans amid fears that Brexit negotiations are dragging, leaving businesses with little knowledge on what they need to prepare in a worst-case scenario, the Times reported.
“We must now come up with contingency measures. January 1, 2021 is getting close; we need a safety net,” a senior EU diplomat told The Times on Thursday, and added that it is high time to prepare people and businesses in case an agreement cannot be made in time.
The news came few days after EU diplomats warned Britain that time was fast running out for a Brexit deal, and that it may already be too late to ratify one.
A “no deal” finale to the Brexit crisis would be yet another shock for the financial markets amid the economic hit from the coronavirus pandemic. The scenario will disrupt delicate supply chains that stretch across Europe and beyond.
The Times report said an agreement could be finalised as early as Monday.
Reuters had reported that EU trade negotiators will update member states on the latest in trade talks with Britain on Friday.
GBP/US Dollar Exchange Rate
Today’s Forex Rates
GBP/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.30.
The projected upper bound is: 1.35.
The projected lower bound is: 1.31.
The projected closing price is: 1.33.
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 29 white candles and 21 black candles for a net of 8 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 74.5551. This is not an overbought or oversold reading. The last signal was a sell 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 60.95. 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 67 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 83. This is not a topping or bottoming area. The last signal was a sell 1 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.000 at 1.326. Volume was 79% below average (consolidating) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume 1.326 1.327 1.324 1.326 28,981
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.32 1.30 1.27 Volatility: 8 10 14 Volume: 146,936 149,670 133,407
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 4.3% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
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 27 periods.