GBPCHF Down 13 Pips On Hourly Chart, 2 Day Up Streak Snapped; Crosses 20 Day Moving Average

Hourly Update

(Last Updated June 7, 2021 3:21 GMT)

At the moment, GBPCHF’s rate is down -13 pips (-0.1%) from the hour prior. GBPCHF has seen its price go down 8 out of the past 10 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 downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being below it. 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 back and forth price flow continues for GBPCHF, which started today off at 1.272406421, down 25 pips 0.19% from yesterday. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed below its 20 day moving average yesterday. 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 20 day average, which is 6.9 pips away. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.