British Pound News
The rise from the 1.2853 low, after the false piercing of the 1.2876 intermediary level, prolonged until the 1.3398 high, the movement taking the shape of an ascending trend.
The current consolidation phase sits just above the 1.3268 level. As long as the flat — limited by 1.3268 as support and 1.3392 as resistance — continues, so can the appreciation, thus targeting 1.3515.
However, if 1.3268 gives way, then the bulls may be aided by the next support, 1.3175. Still, such an unfolding makes it possible for the bears to take over and, as a consequence, send the price to 1.2983.
GBP/US Dollar Exchange Rate
Today’s Forex Rates
GBP/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.31.
The projected upper bound is: 1.36.
The projected lower bound is: 1.32.
The projected closing price is: 1.34.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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 52.5887. This is not an overbought or oversold reading. The last signal was a sell 2 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 65.28. 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 74 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 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed up 0.007 at 1.339. Volume was 70% below average (consolidating) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume 1.332 1.341 1.332 1.339 41,558
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.33 1.31 1.27 Volatility: 5 10 14 Volume: 134,884 150,490 134,718
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 5.2% above its 200-period moving average and is in an upward 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 moderate flows of volume into GBP= (mildly bullish). Our trend forecasting oscillators are currently bullish on GBP= and have had this outlook for the last 34 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.