GBP/USD Up 16 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Eyes 50 and 100 Day Averages

GBP/USD 4 Hour Price Update

Updated June 29, 2020 09:07 PM GMT (05:07 PM EST)

GBP/USD, which opened the current 4 hour candle priced near 1.2292, is up 16 pips 0.13% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 3 four-hour candle negative run. Out of the 37 instruments in the Forex asset class, GBP/USD ended up ranking 9th for the four-hour candle in terms of price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 7 pips (0.06%) since yesterday (opening today near 1.23423), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of GBP/USD.

GBP/USD Technical Analysis

Notably, GBP/USD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 38.8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 13 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.59, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPUSD Short – Direction: In a Bearish Cycle as it has not reached the H4 OB, and Bearish Momentum shown on the H4….Entry: RR tracks bounce off the 200 EMA, with divergence….RSI on the M15 also showed that the pair was overbought and was due to drop soon.