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British Pound: GBP/USD (GBP=X) Sees Upside Potential

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

British Pound
Ticker: GBP=
Price: $1.3454

British Pound News

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The pound rallied to its strongest level this year buoyed by a broadly weaker U.S. dollar.

Sterling rose as much as 0.9% to $1.3486, pushing beyond a high touched in early September to reach the strongest since December 2019. The Bloomberg Dollar Index fell for a third day to the weakest since April 2018.

Hopes that the EU and U.K. can reach a deal as the Dec. 31 deadline nears have also contributed to the pound’s advance. The currency has rallied about 9% against the greenback since June, with traders taking cues from over four years of Brexit drama to conclude a last minute resolution is likely.

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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 1.31.

The projected upper bound is: 1.37.

The projected lower bound is: 1.33.

The projected closing price is: 1.35.

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 31 white candles and 19 black candles for a net of 12 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 70.3448. This is not an overbought or oversold reading. The last signal was a sell 5 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 66.07. 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 77 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 21 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed down -0.000 at 1.345. Volume was 83% below average (consolidating) and Bollinger Bands were 26% narrower than normal.

Open    High    Low    Close     Volume
1.344   1.347   1.344  1.345     23,380
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           1.34          1.31          1.27
Volatility:      7             10            14
Volume:          131,530       148,961       134,933

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 5.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

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 37 periods.

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