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The Weekly Volume Report: GBP OBV Still Leads the Way
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Talking Points
Cable breaks to 5-month low
Euro threatens 1.1100
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Daily Volume Chart: EUR/USD
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
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
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 kkerr@fxcm.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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