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British Pound: USD/GBP (GBP=X) remains under pressure

British Pound: USD/GBP (GBP=X) remains under pressure

The British pound continues its recent bullish recovery from the 1.2956 level against U.S. Dollar, with sterling bulls now testing towards the key 1.3200 level. The British pound has benefitted from overall weakness in the greenback, and British PM Theresa May’s recent announcement that she is to take-over Brexit negotiations with the European Union.

If we continue to the U.S. Dollar Index slipping-lower over the coming sessions, particularly a brek-below the 94.00 handle, we could certainly expect to see further upside in the GBP / USD pair. The actual amount of upside left in the GBP/USD pair is debatable, given its strong run-higher in a relatively short period of time and the fact that the BoE policy meeting is fast approaching.

If we continue to see the GBP/USD pair stabilizing above the 1.3194 to 1.3205 levels.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1.33.

The projected lower bound is: 1.29.

The projected closing price is: 1.31.

Candlesticks

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 25 white candles and 25 black candles.

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 62.9507. This is not an overbought or oversold reading. The last signal was a buy 5 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 43.21. 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 20 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 -52. This is not a topping or bottoming area. The last signal was a buy 4 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed down -0.000 at 1.311. Volume was 95% below average (consolidating) and Bollinger Bands were 36% narrower than normal.

Open High Low Close Volume___
1.311 1.311 1.310 1.311 8,691

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

Moving Averages: 10-period 50-period 200-period
Close: 1.31 1.32 1.36
Volatility: 10 8 9
Volume: 162,686 170,136 154,584

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 3.5% 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.