British Pound (£) ⇨ US Dollar ($) (GBPUSD) Brexit Forecast
Brexit is a commonly used term for the United Kingdom’s planned withdrawal from the European Union. Following the 2016 referendum vote to leave, the UK government started the withdrawal process on 29 March 2017, putting the UK on course to leave by April 2019. The terms of withdrawal have not yet been negotiated and the UK remains a full member of the European Union.
Highlights
The UK won’t pay a 100bn-euro (£84bn) “divorce bill” to leave the EU, Brexit Secretary David Davis has said, as the two sides clashed over the issue.
Pound weakens from early fault lines in Brexit negotiations.
The pound fell against the dollar amid signs that negotiations for Britain’s exit from the European Union have got off to a rocky start.
RSI
The RSI is between 70 and 30. Open trades should be closely monitored, but new trades should be avoided.
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
By the way, prices are vulnerable to a correction towards 1.26.
The projected upper bound is: 1.31.
The projected lower bound is: 1.27.
The projected closing price is: 1.29.
prices closed lower than they opened
Momentum Indicators
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 67.7617. This is not an overbought or oversold reading. The last signal was a sell 2 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 67.15. 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 2 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 89. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 14 period(s) ago.
Open High Low Close Volume
1.294 1.295 1.288 1.292 91,045
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.29 1.25 1.26
Volatility: 5 10 12
Volume: 122,348 130,335 136,988
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 2.5% 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 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 29 periods.
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Inside Brexit: How it all unfolded & how Britain lost Europe
British Pound (£) ⇨ US Dollar ($) (GBPUSD) Brexit Divorce Bill added by S. Jack Heffernan Ph.D on
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S. Jack Heffernan Ph.D
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