The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 8.08% from the day prior, and up 59.58% from the same day the week before.
The closest is the 100 day average, which is 55.1 pips away.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
Out of the 40 instruments in the forex asset class, gbp/usd ended up ranking 21st for the day in terms of day-over-day price change.
Relative to other instruments in the forex asset class, gbp/usd ranked 35th yesterday in terms of percentage price change.
After that we should see a wave 4 correction before the final push to the upside….
This imputes a buy/sell ratio of 0.86, which is neutral.
This imputes a buy/sell ratio of 0.1, which is quite bearish.
Out of the 40 instruments in the forex asset class, gbp/usd ended up ranking 6th for the day in terms of day-over-day price change.
We are at the very bottom of a massive consolidation area and sitting just above the top of the flag from previous trading, thereby sending the market to bounce a bit….