The Weekly Volume Report: Sharp Move Lower in GBP OBV

Talking Points

• GBP/USD daily OBV falls sharply
• USD/JPY low volume advance stalls

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• EUR/USD fell to a multi-month low this week before rebounding
• The lack of volume on the decline over the past few weeks is a concern and unsupportive of a broader decline
• However, a generally weak daily OBV supports a further decline
• A close back over 1.1100 on above average volume is needed to turn the outlook positive again on the euro

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/JPY stalled out this week near the mid-June highs
• The low volume on the recent advance raises concern about a potential secondary high
• The lack of strength in daily OBV is also a concern
• A close under 123.00 on above average volume would turn us negative on the pair

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• GBP/USD stalled out below 1.5700 this past week
• The lack of turnover on the decline is a concern
• However, the sharp decline is daily OBV is supportive of potential broader downside resumption
• A daily close above 1.5700 on above average volume is needed to turn the outlook more favorable for the pound

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX