GBP/USD Up 6 Pips in Last 4 Hours, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated July 21, 2020 09:07 AM GMT (05:07 AM EST)

GBP/USD is up 6 pips (0.05%) since the last 4 hour candle (opening the current 4 hour candle near 1.2672), marking the 7th candle in a row it has gone up. Relative to other instruments in the Forex asset class, GBP/USD ranked 14th the last 4 hour candle in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD, which opened today priced near 1.26615, is down 0 pips 0% since yesterday, marking NA — and the end of a 3 day positive run. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 27th in terms of percentage change since yesterday. Below is a price chart of GBP/USD.

GBP/USD Technical Analysis

Coming into today the current price of GBP/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 1.6 pips away. Volatility for GBP/USD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

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 13 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Judas Swing with Divergence on 30 Min