The Weekly Volume Report: Sterling Rallies on Strong Turnover

Talking Points

• Cable rallies on strong turnover
• USD/JPY OBV breaks to new multi-month highs

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• EUR/USD moved steadily higher over the past week
• Below average volume on the advance raises questions about the underlying strength of the move
• However, the strong push higher in daily OBV is constructive
• A close above 1.1350 on above average volume would turn us positive on the rate

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/JPY moved generally higher over the past week
• Slight above average daily volume during the rise supportive
• The move in daily OBV to multi-month highs is also a positive
• A close back over 121.65 on above average volume would turn us positive on the pair

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• GBP/USD moved sharply higher this past week
• Volume has been generally above average which is supportive of the rise
• However, the persistent weakness in daily OBV requires caution
• A daily close over 1.5580 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