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British Pound
Ticker: GBP=
Price: $1.3325
British Pound News
The pound gave up some gains against the dollar after hitting a 10-week high as analysts suggest the low U.K. rates will keep a lid on sterling’s path higher even as Brexit deal looks likely.
GBP/USD rose 0.2% to $1.3312 after hitting a high of $1.3398 intraday.
Sterling had underperformed on Thursday as a long-assumed deadline for talks lapsed, which may have incited bids for the huge $500BN GBP/USD put option recorded by The Depository Trust & Clearing Corporation (DTCC) that noon.
A massive GBP/USD 1.2500 put option trade (worth 500BLN USD, expiring 12/28) also crossed the DTCC tape around this time. Was this a “no-deal” Brexit hedge? A large amount of sub-1 month, out-of-the-money, EURGBP puts (576BLN GBP) also traded today, which theoretically flies in the face of a “no-deal” Brexit outcome, and so perhaps spot sterling traders shouldn’t get too carried away.
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GBP/US Dollar Exchange Rate
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Economic Events
Technical Indicators
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: 1.31.
The projected closing price is: 1.33.
Candlesticks
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 21 black candles for a net of 8 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.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 69.0812. This is not an overbought or oversold reading. The last signal was a sell 8 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 64.44. 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 69 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 123.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 13 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.000 at 1.332. Volume was 84% below average (consolidating) and Bollinger Bands were 5% wider than normal.
Open High Low Close Volume 1.332 1.334 1.331 1.332 22,537
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.32 1.30 1.27 Volatility: 7 10 14 Volume: 141,966 151,239 133,892
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 4.8% above 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 29 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
