British Pound: USD/GBP (GBP=X) remains stuck in a range
The Pound-to-Dollar exchange rate is set to open the new week at 1.2822 ensuring it remains set in a sideways range between roughly 1.2650 and 1.3300.
Last week it moved in an even narrower range within that range, closing at 1.2818 only a tenth of a cent below the close of the week before (1.2828). In the week ahead it will probably continue in the same vein.
It is only if the pair can successfully break out of the larger range that we could make a conviction call of any value.
A break above the range highs, for example, confirmed by a move above 1.3350, would probably lead to a continuation up to a target at 1.3650.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.30.
The projected upper bound is: 1.31.
The projected lower bound is: 1.26.
The projected closing price is: 1.28.
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 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 48.0000. This is not an overbought or oversold reading. The last signal was a buy 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 45.35. 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 70 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 -50. This is not a topping or bottoming area. The last signal was a buy 2 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.002 at 1.283. Volume was 99% below average (consolidating) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
1.285 1.286 1.282 1.283 1,869
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.29 1.30 1.33
Volatility: 14 12 9
Volume: 191,234 189,964 173,673
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 3.8% 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 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 7 periods.
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