Price & Time: GBP OBV Leads The Way Again

Talking Points

• EUR/USD volume picks up on recent decline
• GBP OBV leads the way lower again

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• EUR/USD came under fairly steady pressure over the past week
• Above average volume suggests a more material decline could be underway
• However, daily OBV remains unsupportive of recent weakness
• A move under 1.1080 on above average volume will turn us negative on the exchange rate

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/JPY remains in a sideways to lower range
• Average volume during the recent consolidation is sheds little light on future directional path
• Sideways action in the daily OBV is also unhelpful
• 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 came under steady pressure over the past week
• Volume has been fairly average which gives little insight into the strength of the decline
• However, daily OBV has fallen again to new multi-year lows which is supportive of a more important decline
• A daily close over 1.5480 on above average volume is needed to turn us positive again on the pound

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DISCLOSURES

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

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