British Pound: USD/GBP (GBP=X) in retracement mode after recent declines
GBP/USD has been in a steep decline in the early part of the week, with the price falling into a 19-month low.
This bearish trend is likely to persist despite the current rebound, with these gains instead looking likely to provide a good shorting opportunity. With that in mind, it makes sense to look for shorts as long as the price remains below $1.2812.
Overall, the bias in prices is: Downwards
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 1.29.
The projected upper bound is: 1.27.
The projected lower bound is: 1.23.
The projected closing price is: 1.25.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 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 9.0181. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 21 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 33.45. 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 82 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 -196.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 4 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 sell 19 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.002 at 1.251. Volume was 73% below average (consolidating) and Bollinger Bands were 5% narrower than normal.
Open High Low Close Volume___
1.249 1.251 1.248 1.251 50,027
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.27 1.29 1.33
Volatility: 9 12 10
Volume: 201,265 198,141 175,707
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 5.7% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of GBP= (mildly bearish). Our trend forecasting oscillators are currently bearish on GBP= and have had this outlook for the last 19 periods.
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