{"id":60361,"date":"2014-09-15T07:34:19","date_gmt":"2014-09-15T11:34:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=60361"},"modified":"2014-09-15T07:40:50","modified_gmt":"2014-09-15T11:40:50","slug":"the-pound-is-poised-for-a-short-squeeze","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/the-pound-is-poised-for-a-short-squeeze\/","title":{"rendered":"The Pound is Poised for a Short Squeeze"},"content":{"rendered":"
September 15, 2014<\/div>
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Article by ForexTime<\/a><\/p>\n

A deluge of UK Date is highlighted by Scotland\u2019s independence referendum schedule for this Thursday, along with inflation, labor and retail sales data, and the BoE\u2019s Quarterly Bulletin on Tuesday and minutes to the September Monetary Policy Committee meeting Wednesday. While it\u2019s a close call, the fear of negative economic consequences and the lure of fresh devolution pledges should do the trick for the significant portion of voters who don\u2019t hold a clear-cut opinion. A \u201cno\u201d result should spark a relief rally in sterling and U.K. asset markets.<\/p>\n

\"gbp-091514\"<\/a><\/p>\n

The technical picture on the GBP\/USD, shows that the currency pair has formed a bottom and will likely hover near currency levels for the balance of the week.\u00a0 Today, traders test resistance near the 10-day moving average at 1.6270.\u00a0 Support is seen near the recent lows at 1.6050.<\/p>\n

Momentum on the currency pair has turned positive as the MACD (moving average convergence divergence) index generated a buy signal.\u00a0 This occurs when the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.\u00a0 The index moved from negative to positive territory confirming the buy signal.<\/p>\n

The RSI (relative strength index) which is a momentum oscillator that measures overbought and oversold levels has edged higher with price action and is now printing at 31, moving out of oversold territory.\u00a0 The combination of this movement and the MACD buy signal is a good sign for the pound.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>

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Article by ForexTime A deluge of UK Date is highlighted by Scotland\u2019s independence referendum schedule for this Thursday, along with inflation, labor and retail sales data, and the BoE\u2019s Quarterly Bulletin on Tuesday and minutes to the September Monetary Policy Committee meeting Wednesday. While it\u2019s a close call, the fear of negative economic consequences and […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-60361","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=60361"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60361\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=60361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=60361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=60361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}