$GBP #FX #BritishPound #Pound $GBPUSD
The British pound had an interesting trading session, at first dropping during the day on Friday, and even piercing below the 200 day EMA. After that, we turned around to show signs of strength and test the top of the candlestick from the Thursday session. If we are able to break above the Thursday session candlestick, then it is possible that this market goes much higher, reaching towards the 1.2750 level. That is an area that has been resistive in the past and therefore it should be paid close attention to.
The one main take away I have from British pound over the last several weeks has been the fact that it merely does not seem to want to rollover. The British economy is strengthening thanks to the fact that we are finally opening up after the coronavirus lockdown, though it is going somewhat slow. It is interesting because it was not that long ago where Brexit was the only issue people cared about. Currently it appears as if the market has completely forgotten about it.
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 1.25.
The projected upper bound is: 1.29.
The projected lower bound is: 1.25.
The projected closing price is: 1.27.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 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 80.2454. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 1 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 62.24. 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 22 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 126.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 9 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.003 at 1.265. Volume was 85% below average (consolidating) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume 1.261 1.266 1.260 1.265 19,673
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 1.25 1.24 1.27 Volatility: 5 10 14 Volume: 111,491 131,705 117,362
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 0.4% below its 200-period moving average and is in an upward trend. Volatility is low 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 7 periods.
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