(Last Updated July 20, 2021 2:13 GMT)
At the moment, GBPCHF’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
GBPCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPCHF is down 99 pips (0.79%) since the previous day (opening today near 1.2557716936), marking the 2nd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 30th for the day in terms of price change. Here is a price chart of GBPCHF.
GBPCHF Technical Analysis
Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2726, 1.2723, 1.2765 and 1.2425 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 132.7 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone down 6 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
– Possible bearish pullback price movement towards the support 1.26100 within the next period.