British Pound: USD/GBP (GBP=X) breaks through notable resistance level
GBP/USD managed to rally through the key $1.3175 resistance level on Friday, with the pair breaking out of a long-term downtrend ahead of today’s parliamentary vote.
Technically speaking, expect this uptrend to continue as long as we do not break below the $1.3012 level. Thus, further upside looks likely, with $1.3258 and $1.33 the next big resistance levels to watch.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.29.
The projected upper bound is: 1.33.
The projected lower bound is: 1.29.
The projected closing price is: 1.31.
A black body occurred (because prices closed lower 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.
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 78.4810. This is not an overbought or oversold reading. The last signal was a sell 0 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 60.26. 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 1 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 95. This is not a topping or bottoming area. The last signal was a sell 0 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 29 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.010 at 1.306. Volume was 5% below average (neutral) and Bollinger Bands were 60% wider than normal.
Open High Low Close Volume___
1.317 1.320 1.306 1.306 178,469
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.30 1.28 1.31
Volatility: 12 10 10
Volume: 177,309 183,382 176,636
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 0.1% 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 20 periods.
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