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Momentum Scorecard: British Pound Strongest against CAD, USD

Momentum Scorecard: British Pound Strongest against CAD, USD

2013-06-17 15:15:00
Christopher Vecchio, CFA, Senior Strategist
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Momentum_Scorecard_British_Pound_strongest_against_CAD_USD_body_Picture_1.png, Momentum Scorecard: British Pound Strongest against CAD, USD

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TREND IN FOCUS: GBPUSD (D1 Chart)

Momentum_Scorecard_British_Pound_strongest_against_CAD_USD_body_x0000_i1028.png, Momentum Scorecard: British Pound Strongest against CAD, USD

- GBPUSD has been on fire of recent, adding +3.93% since the May low set on May 29 at $1.5008 (third best performer next to JPY and CHF).

- Price hasn’t closed below the 8-SMA since May 30.

- Price has posted a daily close above all three 8-, 21-, and 55-SMAs since June 3.

- Momentum may be slowing as Slow Stochastics (5,3,3) have turned ahead of key resistance at 1.5765, the 61.8% Fibonacci retracement from the January 2013 high (1.6342) to the March 2013 low (1.4831).

*Trend definitions: “uptrend” is defined as 8-MA>21-MA>55-MA; “downtrend” is defined as 8-MA<21-MA<55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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