GBP/CHF Up 4 Pips in Last Hour, 5 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 19, 2021 1:43 GMT)

At the moment, GBPCHF’s rate is up 4 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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 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)

After 5 up days, GBPCHF snaps its streak, falling 38 pips (-0.3%) over the past day to close at an exchange rate of 1.2491083968. Relative to other instruments in the Forex asset class, GBPCHF ranked 34th the day prior in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.