British Pound: USD/GBP (GBP=X) all eyes will be on the Parliament Brexit Vote
Parliament Brexit Vote: Tuesday, Tentative. All eyes will be on this crucial vote. UK PM has secured an reached an agreement on the withdrawal of the country from the EU, but Parliament is expected to vote against the deal. That would mean a great deal of uncertainty as to what happens next. The expectation is that the UK will then return to Brussels, achieve a few minor concessions and return for a second vote.
The tweaks and the rout in financial markets would then convince members to vote for the deal. Other scenarios include the passage of the deal in the first vote, a pound-positive development that is not priced in. A third scenario is a significant defeat for the government that would clarify there is no chance for a second vote.
In this case, there are growing chances of a no-deal Brexit, which would be devastating for the pound, general elections in which Labour’s Jeremy Corbyn could become PM, a second referendum, or a reversal of Brexit. Traders should be prepared for some volatility after the historic vote.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1.31.
The projected lower bound is: 1.26.
The projected closing price is: 1.28.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 25 black 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 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 81.6408. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 23 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 58.04. 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 buy 105 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 147.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 buy 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.001 at 1.285. Volume was 98% below average (consolidating) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume___
1.285 1.286 1.284 1.285 2,824
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.27 1.28 1.31
Volatility: 11 11 10
Volume: 132,135 187,023 175,155
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 2.0% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. 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 9 periods.
Latest posts by HEFFX Australia (see all)
- Dow Jones Industrial Average (.DJI) posting a fourth straight week of gains - January 21, 2019
- Bitcoin: USD/BTC (BTC=X) failed to maintain its recently established position in the $3,700 region - January 21, 2019
- Twitter, Inc. (NYSE:TWTR) Outpaces Stock Market Gains - January 21, 2019