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Wednesday, September 22, 2021
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British Pound: GBP/USD (GBP=X) To Remain Highly Volatile

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

British Pound
Ticker: GBP=
Price: $1.3365

British Pound News

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GBP/USD is trying to get to the test of the nearest resistance level at 1.3400 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at the 91 level and declined closer to 90.70. The nearest support level for the U.S. Dollar Index is located at 90.50. If the U.S. Dollar Index gets to the test of this level, GBP/USD will get additional support.

There are no important economic reports scheduled to be released in the U.S. and UK today so foreign exchange market traders will focus on Brexit drama.

Negotiations between EU and UK have stalled in recent days, and it looks like chances of a no-deal scenario are increasing. Today, British Prime Minister Boris Johnson will travel to Brussels to talk with the President of the European Commission Ursula von der Leyen. Many observers view these negotiations as the last chance to negotiate a compromise deal.

Interestingly, the market remains optimistic. British pound suffered several sell-offs in recent days, but each sell-off was quickly bought by traders who were willing to bet on a successful outcome of Brexit negotiations. Most likely, the pound will remain highly volatile for the rest of the week.

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GBP/US Dollar Exchange Rate

Today’s Forex Rates

GBP/US Dollar FX Polls

Economic Events

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.

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: 1.36.

The projected lower bound is: 1.32.

The projected closing price is: 1.34.

Candlesticks

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 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 46.5190. This is not an overbought or oversold reading. The last signal was a sell 9 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 56.42. 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 81 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 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed down -0.003 at 1.336. Volume was 85% below average (consolidating) and Bollinger Bands were 39% narrower than normal.

Open    High    Low    Close     Volume
1.340   1.341   1.332  1.336     21,010
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:      8             10            14
Volume:          129,041       147,269       135,230

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 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 41 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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