British Pound Outlook
The British pound has staged an impressive recovery against the US dollar currency, with the pair reaching the 1.2900 resistance level. Technical analysis shows that a bearish head and shoulders pattern will be invalidated if bulls move price above the 1.3000 level. A breakout above the 1.3000 level exposes the GBPUSD pair to the further upside towards the 1.3140 area.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2800 and 1.2770 levels.
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.3000 and 1.3140 levels
GBP/US Dollar Exchange Rate
Today’s Forex Rates
GBP/US Dollar FX Polls
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1.31.
The projected lower bound is: 1.26.
The projected closing price is: 1.28.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 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 67.0241. This is not an overbought or oversold reading. The last signal was a buy 3 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 44.14. 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 30 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 13. This is not a topping or bottoming area. The last signal was a buy 3 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 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.002 at 1.284. Volume was 84% below average (consolidating) and Bollinger Bands were 14% wider than normal.
Open High Low Close Volume 1.286 1.287 1.283 1.284 21,187
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.28 1.30 1.27 Volatility: 8 11 14 Volume: 143,605 124,690 123,713
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 1.0% above its 200-period moving average and is in an downward 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 bearish on GBP= and have had this outlook for the last 15 periods.