British Pound News
Brexit-deal worries pulled down GBP/USD by 0.45 Percent today, continuing the slide on Friday from the highest level since April 2018 – 1.3540. The pair trades near 1.3380, at two-day lows.
The headlines ruled out any immediate Brexit deals, exerting pressure on the sterling pound. EU’s Brexit negotiator Michel Barnier has reportedly told EU diplomats that the three key outstanding issues remain unresolved and he denied any progress on fisheries. A Reuters report suggests that his briefing of EU envoys were downbeat on the prospect of an immediate deal.
Added to this is the preference for the US dollar among the investors on the news of planned US sanctions against at least a dozen Chinese officials alleging their involvement in elected Hong Kong opposition legislators’ disqualification.
The GBP/USD would be supported by the increased chances of a new coronavirus relief package as it would weigh on the greenback. Even then, the key focus remains on the Brexit developments, and it would drive the sentiments surrounding the sterling.
GBP/US Dollar Exchange Rate
GBP/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.31.
The projected upper bound is: 1.36.
The projected lower bound is: 1.32.
The projected closing price is: 1.34.
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.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 48.3617. This is not an overbought or oversold reading. The last signal was a sell 7 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 56.32. 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 79 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.003 at 1.335. Volume was 91% below average (consolidating) and Bollinger Bands were 28% narrower than normal.
Open High Low Close Volume 1.338 1.338 1.334 1.335 12,821
Technical Outlook Short Term: Neutral 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: 130,492 148,714 135,047
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 4.7% 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 39 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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