British Pound: USD/GBP (GBP=X) Remains Under Pressure
The Technical Confluences Indicator shows that cable faces a dense cluster of resistance levels at around 1.2862. This includes the Bolinger Band 15m-Middle, the Simple Moving Average 10-15m, the SMA 5-1h, the Fibonacci 38.2% one-week, the Fibonacci 23.6% one-day, the BB 15m-Middle, the SMA 100-1h, the BB 4h-Middle, the BB 1h-Upper, the Fibonacci 38.2% one-day, and a few additional lines.
Should the pair overcome this hurdle, 1.2888 is another cap that consists of the BB one-day-Middle, the Fibonacci 23.6% one-week, and the one-day high.
Next up, we find 1.2934 which is the convergence of the BB 4h-Upper, the Pivot Point one-month Support 1, the PP one-day Resistance 2, and last week’s high.
Looking down, weak support awaits at 1.2801 where we see the confluence of the SMA 200-1h, the BB 4h-Lower, the SMA 50-4h, the Fibonacci 61.8% one-week, and the Pivot Point one-day S1.
Substantial support awaits only at 1.2748 which is the convergence of the Pivot Point one-month Support 2, the Fibonacci 161.8% one-day, the PP one-week S1, and last week’s low.
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: 1.27.
The projected closing price is: 1.29.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 63.8948. This is not an overbought or oversold reading. The last signal was a sell 3 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 47.62. 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 6 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 93. This is not a topping or bottoming area. The last signal was a buy 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 buy 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.000 at 1.290. Volume was 100% below average (consolidating) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
1.289 1.290 1.288 1.290 611
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.28 1.30 1.36
Volatility: 7 8 9
Volume: 150,105 167,600 158,287
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 4.8% below its 200-period moving average and is in an downward trend. Volatility is 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 29 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.