British Pound: USD/GBP (GBP=X) quiet after surge
After leaping higher last week, GBP/USD has edged back from $1.32.
Dips have been firmly bought over the past month, so the near-term areas to watch are the lows of Thursday and Friday, at $1.30 and $1.307 respectively. A close below $1.30 might signal that the bounce has run its course in the near term.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.29.
The projected upper bound is: 1.34.
The projected lower bound is: 1.30.
The projected closing price is: 1.32.
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 89.9705. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 6 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 67.51. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 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 156.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 28 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.004 at 1.316. Volume was 18% below average (neutral) and Bollinger Bands were 57% wider than normal.
Open High Low Close Volume___
1.319 1.321 1.314 1.316 155,064
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: 11 10 10
Volume: 177,864 183,830 176,496
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 0.8% above its 200-period moving average and is in an upward trend. Volatility is 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 19 periods.
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