(Last Updated November 5, 2021 23:26 GMT)
At the time of this writing, GBPCHF’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 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 up 26 pips (0.21%) since the previous day (opening today near 1.24809876), marking the 2nd consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 17th for the day in terms of price change. Let’s take a look at 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 1.2611, 1.2634, 1.2655 and 1.2676 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone down 16 them.