USD/GBP (GBP=X) no light at the end of the Brexit tunnel
The pair fell below the 50% retracement of its latest bullish run, and the 4 hours chart shows that is now finding sellers around a bearish 20 SMA, a few pips above the Fibonacci level, making of the 1.3140 area the immediate resistance. Technical indicators in the mentioned chart have retreated, turning flat in the US afternoon, with the Momentum still above its 100 level but the RSI at around 40, leaning the scale toward the downside.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.34.
The projected upper bound is: 1.33.
The projected lower bound is: 1.30.
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 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 20 white candles and 29 black candles for a net of 9 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 36.8700. This is not an overbought or oversold reading. The last signal was a buy 7 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 37.99. 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 1 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 -83. This is not a topping or bottoming area. The last signal was a buy 1 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX GBP= closed down -0.007 at 1.314. Volume was 13% below average (neutral) and Bollinger Bands were 10% narrower than normal.
Open High Low Close Volume___
1.318 1.321 1.309 1.314 144,652
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.32 1.34 1.36
Volatility: 10 8 9
Volume: 173,503 161,822 150,122
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 3.3% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 5 periods.
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