GBP/USD Down 1 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated July 10, 2020 09:15 AM GMT (05:15 AM EST)

GBP/USD is down 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.2588), marking the 5th candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, GBP/USD ended up ranking 22nd for the four-hour candle in terms of price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/USD, which started today off at 1.26087, up 3 pips 0.02% from yesterday. Relative to other instruments in the Forex asset class, GBP/USD ranked 21st yesterday in terms of percentage price change. Here is a price chart of GBP/USD.

GBP/USD Technical Analysis

The first thing we should note is that GBP/USD is now close to its 20, 50, 100 and 200 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 200 day average, which is 67.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBP/USD’s price has gone up 9 them. 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

We’re seeing some traders come out with interesting conviction on GBPUSD, with 17 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPUSD respects uptrendlinePrice is above key level at 1.2535Above SMA 100 MACD shows weakness in bearish momentumRSI is above level 50It’s expected for for coming bullish movement to first target resistance level at 1.2670 then target supply zone at level 1.2815