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British Pound News
The U.S. Dollar Index remains in the range between the support at 90.50 and the resistance at 91. If the U.S. Dollar Index manages to settle below the support level at 90.50, it will gain downside momentum and head towards the 90 level which will be bullish for GBP/USD.
UK Prime Minister Boris Johnson and the President of the European Commission Ursula von der Leyen agreed to extend Brexit talks for a few more days. This decision provided significant support to the pound which has recently traded below 1.3150 and then managed to get back above 1.3300.
While traders are optimistic, it remains to be seen whether UK and EU will be able to reach a compromise deal as negotiations have failed to deliver any tangible progress for months.
If Britain leaves the EU without a deal, the British pound will find itself under material pressure, and EUR/USD may also move lower.
There are no important economic reports scheduled to be released today in the U.S. and UK so foreign exchange market traders will mostly focus on Brexit updates.
GBP/US Dollar Exchange Rate
Today’s Forex Rates
GBP/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.36.
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 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 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 47.0930. This is not an overbought or oversold reading. The last signal was a sell 12 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 54.13. 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 84 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 sell 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.002 at 1.334. Volume was 74% below average (consolidating) and Bollinger Bands were 49% narrower than normal.
Open High Low Close Volume 1.332 1.335 1.331 1.334 36,125
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.34 1.32 1.28 Volatility: 9 10 14 Volume: 127,328 146,545 135,297
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 4.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 44 periods.