SGDGBP slips to lowest close since October 11, 2018


Singapore Dollar/British Pound (SGDGBP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

SGDGBP falls to lowest close since October 11, 2018
SGDGBP closes lower for the 5th day in a row
SGDGBP breaks below Thursday's low

Overview

Moving lower for the 5th day in a row, SGDGBP finished the week -1.45% lower at 0.5505 after losing 13 pips (-0.24%) today on low volume. Today's close at 0.5505 marks the lowest recorded closing price since October 11, 2018. Closing below Thursday's low at 0.5509, SGD/GBP confirmed its breakout through the prior session low after trading up to 7 pips below it intraday.

Daily Candlestick Chart (SGDGBP as at Feb 14, 2020):

Daily technical analysis candlestick chart for Singapore Dollar/British Pound (SGDGBP) as at Feb 14, 2020

Friday's trading range has been 25 pips (0.45%), that's below the last trading month's daily average range of 40 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for SGDGBP.

Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on January 16th, SGDGBP actually gained 0.51% on the following trading day.

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

2019's low at 0.5466 is within reach and we might see further downside momentum should the currency break out beyond.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for SGD/GBP. Out of 53 times, SGDGBP closed lower 50.94% 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 66.04% with an average market move of -0.18%.


Market Conditions for SGDGBP as at Feb 14, 2020

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