Volatility for gbp/usd has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
The closest is the 50 day average, which is 25.4 pips away.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
The closest is the 50 day average, which is 0.7 pips away.
The closest is the 100 day average, which is 8.9 pips away.
As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern.
This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 2.08% from the day before — and down 18.75% from the same day the week before.
This imputes a buy/sell ratio of 2.6, which is bullish.
On a relative basis, usd/chf was the worst performer out of all 40 of the assets in the forex asset class.
This imputes a buy/sell ratio of 0.62, which is bearish.