GBPCHF Down 1 Pips in Last Hour, Social Sentiment Biased Towards Selling; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 14, 2021 0:20 GMT)

At the time of this writing, GBPCHF’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 up 3 pips (0.03%) since yesterday (opening today near 1.270689558), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 19th for the day in terms of price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 17.5 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!