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British Pound: GBP/USD (GBP=X) HEFFX Technical Analysis

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

British Pound
Ticker: GBP=
Price: $1.3111

British Pound News

Sterling continues to consolidate after the two big weekly gains at the end of July over the dollar. Last week the exchange rate rose 0.25% but that followed a -0.28% decline the week prior. In July the dollar index had its worst monthly drop in a decade.

Sterling got a small boost on Monday after reports that the UK was close to agreeing an ‘in principal’ trade deal with Japan by the end of the month. Although there is a long way to go after agreeing the principals, with many small details still to be worked out, it’s still a good first step. One of the arguments for Brexit was that the UK would be able to sign its own bilateral trade deals outside of Europe.

The only economic update today from Britain was that home prices rose 4.6% in August, up from 3.7% y/y in July, helped by pent up demand the temporary removal of stamp duty for house under £500,000.

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.

By the way, prices are vulnerable to a correction towards 1.28.

The projected upper bound is: 1.33.

The projected lower bound is: 1.29.

The projected closing price is: 1.31.

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.

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 69.5443. This is not an overbought or oversold reading. The last signal was a sell 10 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 69.78. 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 7 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 68. This is not a topping or bottoming area. The last signal was a sell 10 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 sell 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed up 0.001 at 1.311. Volume was 91% below average (consolidating) and Bollinger Bands were 9% narrower than normal.

Open     High      Low      Close      Volume
1.310    1.311     1.309    1.311      11,918
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period       200-period
Close:           1.31          1.27            1.27
Volatility:      6             9               13
Volume:          98,996        127,391         118,641

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 3.1% 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 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 19 periods.

HEFFXhttp://www.heffx.com
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