British Pound News
The British currency has also grown against the dollar, having risen by 670 points since early November. And this despite the fact that London and Brussels cannot come to an agreement on the Brexit terms, and the tough position of France in general makes one doubt that such agreements are possible.
The forecast, which was supported by 75% of analysts last week, was absolutely correct: the pair rose to the upper limit of the 1.3300-1.3400 channel. Then it was broken down and the pair moved further north to 1.3540 and finished the trading session at 1.3435.
The pound, of course, was supported by the weakening dollar. In addition, the bulls were also helped by the announcement of the signing of a contract between the British government and Pfizer for the purchase of 40 million doses of COVID-19 vaccine, 10 million of which the UK will receive next week. The market was also pleased with the removal of a number of quarantine measures in the country, and the decision on partial admission of spectators to the national football league games.
GBP/US Dollar Exchange Rate
GBP/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.31.
The projected upper bound is: 1.36.
The projected lower bound is: 1.32.
The projected closing price is: 1.34.
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 29 white candles and 21 black candles for a net of 8 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 62.5869. 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 62.87. 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 78 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 22 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.002 at 1.342. Volume was 82% below average (consolidating) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume 1.345 1.345 1.336 1.342 24,682
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.34 1.31 1.27 Volatility: 7 10 14 Volume: 132,317 149,199 135,064
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 5.3% 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 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 38 periods.