GBP/USD Down 4 Pips On 4 Hour Chart, 11 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated July 30, 2020 01:07 AM GMT (09:07 PM EST)

The back and forth price flow continues for GBP/USD, which started the current 4 hour candle off at 1.2981, down 4 pips 0.03% from the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/USD ranked 20th the last 4 hour candle in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 11 up days, GBP/USD snaps its streak, falling 12 pips (-0.09%) over the past day to close at an exchange rate of 1.29847. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of GBP/USD.

GBP/USD

GBP/USD Technical Analysis

Notably, the current price of GBP/USD is sitting close to its 20 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 20 day average, which is 281.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 12 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 18 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Method 1+ Keltner channel: the price closed above or below Upper / Lower Keltner for signal 1….https://www.tradingview.com/x/O08Dedog Method 2+ Keltner channel: price closes above or below Upper 2 / Lower 2 Keltner gives signal 1….Wait for the price to adjust to Upper / Lower line, then enter the order.