British Pound: USD/GBP (GBP=X) Influencing Events
The Sterling investors wait for the BOE’s Jonathan Haskel comments over the UK’s economic conditions. Haskel’s statements might find some impact on the pair laterwards as this is the only event for GBP today.
The USD-specific events have occupied mainly the primary space in the event calendar than the GBP-specific events. The US Housing Starts, Building Permits, and both Initial & Continuing Jobless Claims will get released at 12:30 GMT. The consensus expects the Housing and Construction sector data to go bullish this time. Whereas, the market remained bearish with their estimates on Labor market indexes. Laterwards, the Fed Philadelphia Manufacturing Survey is hoped to report a 0.5% increase. At 16:15 GMT, the Fed’s Brainard would address on the US Monetary and Fiscal decisions.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.30.
The projected upper bound is: 1.30.
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 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 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 6.0813. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 32.21. 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 56 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 -158.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.000 at 1.280. Volume was 97% below average (consolidating) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume___
1.280 1.281 1.279 1.280 5,564
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.29 1.31 1.30
Volatility: 4 10 10
Volume: 125,009 161,278 176,195
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 1.2% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 bearish on GBP= and have had this outlook for the last 2 periods.