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The Weekly Volume Report: GBP OBV Still Leads the Way

The Weekly Volume Report: GBP OBV Still Leads the Way

2015-09-04 18:10:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Cable breaks to 5-month low
  • Euro threatens 1.1100

Get real time volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

The Weekly Volume Report: GBP OBV Still Leads the Way

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD came under further pressure this past week to test the 1.1100 area
  • Well below average volume on the recent decline does raise some doubts about the strength of the decline
  • However, a generally weak OBV is constructive for further weaknnss
  • A close above 1.1325 on above average volume would turn us positive on the rate

Daily Volume Chart: USD/JPY

The Weekly Volume Report: GBP OBV Still Leads the Way

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY came under renewed pressure this past week, but held well above the lows from last month
  • Volume has been generally below average during the week which is unsupportive of the downtrend
  • Daily OBV is also well above last week’s low and a move under the extremes of last week is really needed to set off a more important leg lower
  • A close back over 121.65 on above average volume would turn us positive on the pair

Daily Volume Chart: GBP/USD

The Weekly Volume Report: GBP OBV Still Leads the Way

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level since May this past week
  • Below average volume on the decline does make us question the move
  • However, the sharp decline in daily OBV has been a good leading indicator for recent weakness
  • A daily close over on above average volume would turn us positive on 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

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

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