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British Pound: USD/GBP (GBP=X) rallying into resistance

British Pound: USD/GBP (GBP=X) rallying into resistance

The Pound is looking like it could rise against the US Dollar owing to an absence of any fresh new bad news for the Pound. In fact for one, we actually have had some good news lately.

The general outlook on Sterling exchange rates has become more and more positive lately as investors get behind Theresa May’s plan to take over Brexit negotiations.

The pullbacks yesterday held the 1.3070/40 region, which is the ideal area for a higher low to develop and most importantly, that’s where upward trend-line is formed. The prices, for now, are nudging upwards 1.3250-1.3310 levels where is the key resistance levels are observed, with the key intra-day support at 1.3130 (21SMA) and 1.3070 areas.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1.34.

The projected lower bound is: 1.30.

The projected closing price is: 1.32.

Candlesticks

A white body occurred (because prices closed higher 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 26 white candles and 24 black candles for a net of 2 white candles.

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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 94.3281. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 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 50.18. 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 19 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 34. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed up 0.002 at 1.320. Volume was 81% below average (consolidating) and Bollinger Bands were 39% narrower than normal.

Open High Low Close Volume___
1.319 1.321 1.318 1.320 31,850

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1.31 1.33 1.36
Volatility: 9 8 9
Volume: 165,837 169,964 154,467

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.

Summary

FOREX GBP= is currently 2.8% 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 6 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.