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British Pound: GBP/USD (GBP=X) Volatility is Back

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

British Pound
Ticker: GBP=
Price: $1.3408

British Pound News

GBP/USD is currently trying to settle below 1.3350 while the U.S. dollar is gaining ground against a broad basket of currencies.

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The U.S. Dollar Index managed to get above the resistance at 90.15 and is trying to settle above the next resistance level at 90.50. If this attempt is successful, the U.S. Dollar Index will head towards the next major resistance level at the 20 EMA at 91 which will be bearish for GBP/USD.

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British pound found itself under serious pressure after a new COVID-19 strain was found in Britain. This strain is believed to be more infectious, and many European countries have already closed their borders for British travelers.

Meanwhile, UK and EU failed to reach consensus on the Brexit deal over the weekend but will continue talks on Monday. Fisheries and level playing field are the main obstacles on the way to the deal, and negotiators have failed to find any compromise on these issues for many months.

Today, foreign exchange market traders will also wait for the results of U.S. stimulus vote as Republicans and Democrats managed to reach a compromise deal over the weekend.

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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: 1.36.

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 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 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 60.6851. This is not an overbought or oversold reading. The last signal was a sell 1 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 53.38. 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 89 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 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed down -0.006 at 1.341. Volume was 68% below average (consolidating) and Bollinger Bands were 24% narrower than normal.

Open   High    Low    Close    Volume
1.346  1.347   1.338  1.341    45,874
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period    50-period     200-period
Close:           1.34         1.32          1.28
Volatility:      11           10            13
Volume:          130,280      146,544       135,567

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 4.9% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term.

Our volume indicators reflect volume flowing into and out of GBP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GBP= and have had this outlook for the last 49 periods.

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