British Pound: USD/GBP (GBP=X) is expected to trade sideways within a broad range
No change in view from last Friday, see reproduced update below.
There is not much to add as GBP traded within a relatively narrow range between 1.3050 and 1.3107 and registered an ‘inside trading day’. We have held the same view more than a week (since last Thursday, 04 Apr) that GBP is “expected to trade sideways within a broad range”. After the quiet price action over the past couple of days, a 1.2950/1.3150 range is likely enough to contain the movement in GBP from here (adjusted from 1.2900/1.3200 previously).
Overall, the bias in prices is: Sideways.
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 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 26 black candles for a net of 4 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 57.4673. This is not an overbought or oversold reading. The last signal was a buy 26 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 48.36. 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 33 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 17. This is not a topping or bottoming area. The last signal was a buy 6 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 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.001 at 1.309. Volume was 48% below average (neutral) and Bollinger Bands were 41% narrower than normal.
Open High Low Close Volume___
1.310 1.311 1.307 1.309 88,930
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.31 1.31 1.30
Volatility: 5 11 11
Volume: 160,431 173,451 179,339
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 0.9% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 10 periods.
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