British Pound: USD/GBP (GBP=X) short-term “Rising-Wedge”

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								British Pound: USD/GBP (GBP=X) short-term “Rising-Wedge”

British Pound: USD/GBP (GBP=X) short-term “Rising-Wedge”

With the short-term “Rising-Wedge” directing GBPUSD moves, the pair has to slid beneath the 1.2640 support in order to justify the bearish formation and aim for 1.2530. Should prices weaken under 1.2530, the 1.2475, the 1.2400 and the 61.8% FE level of 1.2365 can become Bears’ favorites. Meanwhile, pair’s sustained break of 1.2745 resistance-line defies the pattern and could extend the recovery towards 1.2810 ahead of confronting 1.2880-85 barrier. Additionally, the 1.2950, the 1.3000 and the 1.3035-40 can entertain Bulls beyond 1.2885.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1.29.

The projected lower bound is: 1.24.

The projected closing price is: 1.26.


								British Pound: USD/GBP (GBP=X) short-term “Rising-Wedge”

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 32.8322. This is not an overbought or oversold reading. The last signal was a buy 11 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 45.48. 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 93 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 16. This is not a topping or bottoming area. The last signal was a buy 10 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 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX GBP= closed up 0.001 at 1.264. Volume was 97% below average (consolidating) and Bollinger Bands were 33% narrower than normal.

Open High Low Close Volume___
1.263 1.265 1.263 1.264 6,501

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: 7 12 10
Volume: 158,235 196,374 176,040

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 relatively normal 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 30 periods.

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