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A break above this resistance could guide index further towards 41,200 level, which is the upper Bollinger band on weekly charts.
The currency also breached its Bollinger band as it dropped to 44.
WTI yesterday settled higher than the 30-day upper Bollinger Band for the fourth time in a week, signaling the market is overbought, according to data compiled by Bloomberg.
It is also at the edge of its lower Bollinger Band, indicating its short-term downtrend is slightly overstretched.
Quantitative Metrics A narrowing Bollinger band and a low ATR adds to the GBP/USD's attractiveness fro scalping strategies.
2) Bollinger bands -- buy signal: long position for the next day open, if the predicted next day close price is higher than the upper Bollinger band line; sell signal: short position for the next day open if the predicted next day close price is smaller than the lower Bollinger band line; out of the market signal: if the predicted next day close price does not fulfill any of these conditions.
The Index may face resistance at 39,600, which is the upper trend line of the bullish channel and upper band of the Bollinger band.
Price was also just trading at the upper bollinger band (here they are 3 standard deviations from the 200 SMA).
Meanwhile, the pair continues to trade between the 20-Day SMA and the lower Bollinger band which it has done since mid-August.
The RSI and MACD are heading down supporting bearish view but a short term price pull back inside the band cannot be ruled out as the index is trading below the lower Bollinger Band.
OVERHEATED Market had also looked overheated on the charts, with the Nikkei having pierced its upper Bollinger Band in the last five trading sessions, indicating its short-term uptrend was overstretched.
A narrow Bollinger band width of 284 bps and an implied volatility of 8.