British Pound (£) BREXIT, Macron & Trading, What Will Happen To The Pound
Emmanuel Macron told the UK to expect “tough” Brexit negotiations after being elected last night as France’s youngest leader since Napoleon and vowed to heal divisions in Europe. His landslide victory has been hailed by EU leaders such as Jean-Claude Juncker and Donald Tusk, who said they were “rejoicing” after hearing the news.
*The French president will be “tough” on Brexit negotiations but will not seek to “punish” the UK for quitting the bloc.
*Macron has become France’s youngest-ever president.
*World leaders including Trump, Theresa May and Justin Trudeau have congratulated Macron.
*The GBP/USD pair has found the $1.30 area tough to crack in its fightback from the post-vote lows of $1.19. It’s now hovering around $1.2950 and lacks obvious impetus to go higher.
Overall, the bias in prices is: Upwards.
Short term: Prices are stalling.
Intermediate term: Prices are trending.
By the way, prices are vulnerable to a correction towards 1.26.
The projected upper bound is: 1.32.
The projected lower bound is: 1.28.
The projected closing price is: 1.30.
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 20 black candles for a net of 9 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 78.3611. 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 64.31. 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 6 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 76. This is not a topping or bottoming area. The last signal was a sell 0 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.000 at 1.294. Volume was 44% below average (neutral) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume
1.294 1.296 1.290 1.294 77,539
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: 7 10 12
Volume: 113,869 129,353 137,111
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 2.7% 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 33 periods.
“Investing in Thailand? Contact Us.”