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British Pound: GBP/USD (GBP=X) Trading with Metastock

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

British Pound
Ticker: GBP=
Price: $1.3356

British Pound News

GBP/USD managed to stay above the nearest support at 1.3325 and is trying to gain upside momentum while the U.S. dollar is losing ground against a broad basket of currencies.

Yesterday, the U.S. Dollar Index made an attempt to settle above the resistance at 92.80 after the release of better-than-expected PMI reports. U.S. Manufacturing PMI increased from 53.4 to 56.7 while Services PMI grew from 56.9 to 57.7. Most likely, the surprising reports pushed traders to reduce their short dollar positions on the foreign exchange market.

Today, the U.S. dollar failed to continue the upside move, and the U.S. Dollar Index is currently trying to settle below 92.50. If this attempt is successful, the U.S. Dollar Index will move towards the support at 92.10 which will be bullish for GBP/USD.

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GBP/USD faced strong resistance at 1.3400 and pulled back closer to the nearest support level at 1.3325. Currently, it is trying to gain additional upside momentum in order to get to another test of the resistance at 1.3400.

There are no important levels between the support at 1.3325 and the resistance at 1.3400 so GBP/USD may move fast between these levels. RSI is still in the moderate territory despite the strength of the recent upside move so there is plenty of room to gain momentum in case the right catalysts emerge.

In case GBP/USD manages to settle above 1.3400, it will head towards the next ressitance level at 1.3485.

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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 1.30.

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 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 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 74.5955. 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 65.93. 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 70 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 142.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 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 14 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed down -0.000 at 1.336. Volume was 80% below average (consolidating) and Bollinger Bands were 7% wider than normal.

Open    High    Low     Close    Volume
1.336   1.337   1.335   1.336    27,346
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period   50-period   200-period
Close:           1.33        1.30        1.27
Volatility:      7           10          14
Volume:          139,928     151,460     134,109

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 5.0% 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 30 periods.

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