(Last Updated February 12, 2021 17:26 GMT)
At the time of this writing, GBPCHF’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPCHF. Given that we see an uptrend on the 20, 10 and 5 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 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 down 21 pips (0.17%) since the previous day (opening today near 1.2293336717), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, GBPCHF ranked 32nd the previous day in terms of percentage 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days.