British Pound Outlook
The British pound continues to get optimistic pressure to the upside due to people believing that Brexit will be solved. The reason I know that is because the British pound has rallied against almost everything and not just the US dollar. Granted, the US dollar is a bit soft due to there being a perceived stimulus coming down the road in America.
Furthermore, the 1.30 level underneath should be massive support, as it was strong resistance previously. Furthermore, the 50-day EMA sits right around that level which will also attract attention and could provide support.
This is a market that looks like it is going to continue to grind higher, the key word here being “grind.” We are going to continue to see the British pound try to break towards recent highs. To the upside, the 1.34 level should be a massive resistance barrier, and I think it is nearly impossible to imagine that we could get above there without a tight.
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: 1.30.
The projected closing price is: 1.33.
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 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 91.2464. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 21 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 64.54. 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 60 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 167.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 6 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.001 at 1.327. Volume was 42% below average (neutral) and Bollinger Bands were 10% narrower than normal.
Open High Low Close Volume 1.327 1.331 1.324 1.327 77,690
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.31 1.30 1.27 Volatility: 11 12 14 Volume: 157,168 145,827 131,970
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 4.4% above its 200-period moving average and is in an upward trend. Volatility is high 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 20 periods.