FXB closes 0.5% higher at 117.47
CurrencyShares British Pound Ster ETF (FXB) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
FXB ended Thursday at 117.47 gaining $0.58 (0.5%).
Daily Candlestick Chart (FXB as at Aug 15, 2019):
Thursday's trading range has been $0.24 (0.2%), that's below the last trading month's daily average range of $0.43. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FXB.
Prices are trading close to the key technical support level at 117.31 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 116.88 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for FXB. Out of 282 times, FXB closed lower 53.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.77% with an average market move of -0.18%.