(Last Updated November 18, 2020 2:19 GMT)
At the moment, GBPCHF’s rate is down -7 pips (-0.06%) from the hour prior. GBPCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji candlestick pattern on GBPCHF. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.20658, up 26 pips (0.21%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 11th in terms of percentage change since the previous day. Here is a price chart of GBPCHF.
GBPCHF Technical Analysis
Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1922, 1.1846, 1.1881 and 1.1951 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 115 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 17 them.