HKDGBP dominated by bulls lifting the market higher throughout the day

Hong Kong Dollar/British Pound (HKDGBP) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


HKDGBP dominated by bulls lifting the market higher throughout the day
HKDGBP closes higher for the 3rd day in a row
HKDGBP finds buyers again around 0.1054
HKDGBP pushes through Thursday's high


Moving higher for the 3rd day in a row, HKDGBP ended the week -0.56% lower at 0.1060 after gaining 5 pips (0.47%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.1059, the market confirmed its breakout through the prior session high after trading up to 1 pip above it intraday.

Daily Candlestick Chart (HKDGBP as at May 22, 2020):

Daily technical analysis candlestick chart for Hong Kong Dollar/British Pound (HKDGBP) as at May 22, 2020

Friday's trading range has been 6 pips (0.57%), that's far below the last trading month's daily average range of 10 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HKDGBP.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on May 15th, HKDGBP actually lost -0.75% on the following trading day.

After having been unable to move lower than 0.1053 in the previous session, the forex pair found buyers again around the same price level today at 0.1054.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 0.1068 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 0.1049 where further sell stops might get triggered.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for HKD/GBP. Out of 601 times, HKDGBP closed higher 45.76% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 49.25% with an average market move of 0.07%.

Market Conditions for HKDGBP as at May 22, 2020

Loading Market Conditions for HKDGBP (Hong Kong Dollar/British Pound)...
Looking for GBPHKD instead? Click here
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Hong Kong Dollar/British Pound traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!