(Last Updated May 6, 2021 3:20 GMT)
At the time of this writing, GBPCHF’s rate is down 1 pips (0%) from the hour prior. GBPCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. Of note is that the 200 hour changed directions on GBPCHF; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 10 pips (0.08%) since the previous day (opening today near 1.2699480108), marking the 3rd straight day it has gone up. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 16th for the day in terms of price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
The first thing we should note is that the current price of GBPCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 1.6 pips away. Volatility for GBPCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 and 14 day timeframes, where price is headed down. For additional context, note that price has gone up 14 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.