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British Pound: GBP/USD (GBP=X) Analysis and Trade Ideas

$GBP #BritishPound #USD #FX #Currencies #Trading #Markets

British Pound
Ticker: GBP=
Price: $1.3153

British Pound Outlook

The British currency grew not only due to the fall in the dollar, but also thanks to the decision of the Bank of England, which decided to further support the country’s economy on Thursday, November 05 by increasing the bond purchase program by £150 billion and bringing it to £895 billion.

The market had expected increases to just £845 billion pounds and this additional QE extension pushed the pound up to the October 21 high of 1.3175. The pair ended the week session at 1.3150, showing an increase of 200 points.

GBP/US Dollar Exchange Rate

Today’s Forex Rates

GBP/US Dollar FX Polls

Economic Events

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1.34.

The projected lower bound is: 1.29.

The projected closing price is: 1.32.

Candlesticks

A white body occurred (because prices closed higher 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 26 white candles and 24 black candles for a net of 2 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 79.5405. This is not an overbought or oversold reading. The last signal was a sell 18 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 59.61. 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 57 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 145.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 3 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed up 0.001 at 1.316. Volume was 37% above average (neutral) and Bollinger Bands were 37% narrower than normal.

Open    High    Low    Close     Volume
1.314   1.318   1.309  1.316     183,363
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           1.30          1.30           1.27
Volatility:      11            11             14
Volume:          158,749       144,351        131,467

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 3.5% 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 17 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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