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Abnormal but not unprecedented GBP/USD move

By : Mex Group

Abnormal but not unprecedented GBP/USD move

16 September 2016, 23:00

GBP/USD ADX(14) has just crossed above the key level 50, emerging from the low 30 levels in the previous session.

This event is abnormal but not unprecedented. It sets a scene from a positioning perspective where there is a big imbalance in the supply/demand equation, causing price to quickly search a new value zone.

While speeding up, it leaves behind unfilled sell orders which may cause prices to give back part of the impulsive move. The 200-SMA, now printing above the recent close, could be tested on an upside reaction.

GBP/USD 0001-01-01T00:00:00
0/0 (0%)
H0 L0

S3S2S1R1R2R3
1.3055933316548 1.3064066569010 1.3076233466466 1.3096533616383 1.3104666868845 1.3116833766301

Trend IndexOB/OS Index
Bearish Extremely Oversold