GBP/CHF Down 0 Pips Over Past 4 Hours, Entered Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/CHF 4 Hour Price Update

Updated July 21, 2020 09:07 AM GMT (05:07 AM EST)

The back and forth price flow continues for GBP/CHF, which started the current 4 hour candle off at 1.1889, down 0 pips 0% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/CHF ended up ranking 19th for the four-hour candle in terms of price change.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF is up 2 pips (0.02%) since the day prior (opening today near 1.188762912), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 21st in terms of percentage change since the day prior. Let’s take a look at price chart of GBP/CHF.

GBP/CHF Technical Analysis

The first thing we should note is that GBP/CHF is now close to its 20, 50 and 100 day averages, located at 1.1817, 1.1878 and 1.1928 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 5 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We have a sturdy bearish trend, though price is trying expand up and technical indicators are contrasting bearish movement. A bullish break of this 4H channel would mend the bullish momentum. The buyers could target 1.20248 and or 127.Ext which would be D leg completion of Gatley pattern.