British Pound: USD/GBP (GBP=X) looks to break higher

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								British Pound: USD/GBP (GBP=X) looks to break higher

British Pound: USD/GBP (GBP=X) looks to break higher

Having been knocked back yesterday, GBP/USD is breaking higher and testing the descending trendline from the November highs.

Above $1.27, the price will head to $1.28 and then on to $1.29. Dips towards $1.26 may prove to be fresh buying opportunities.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 1.29.

The projected upper bound is: 1.29.

The projected lower bound is: 1.24.

The projected closing price is: 1.27.


								British Pound: USD/GBP (GBP=X) looks to break higher

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 66.4398. This is not an overbought or oversold reading. The last signal was a buy 6 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 46.28. 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 buy 88 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 -2. This is not a topping or bottoming area. The last signal was a buy 5 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 0.006 at 1.267. Volume was 11% above average (neutral) and Bollinger Bands were 14% narrower than normal.

Open High Low Close Volume___
1.261 1.271 1.261 1.267 211,880

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

Moving Averages: 10-period 50-period 200-period
Close: 1.26 1.28 1.32
Volatility: 13 12 10
Volume: 209,765 203,562 177,665

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 4.2% below its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. 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 25 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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