GBP/USD Up 13 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated April 09, 2020 01:05 AM GMT (09:05 PM EST)

The choppiness in the recent four-hour candle price action of GBP/USD continues; to start the current 4 hour candle, it came in at a price of 1.2391, up 13 pips (0.11%) since the previous 4 hours. Relative to other instruments in the Forex asset class, GBP/USD ranked 7th the previous 4 hours in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 13 pips (0.11%) since the day prior (opening today near 1.2391), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 19th for the day in terms of price change. Below is a price chart of GBP/USD.

GBP/USD Technical Analysis

The first thing we should note is that the current price of GBP/USD is sitting close to its 20 and 50 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 50 day average, which is 147.9 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 90 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 GBP/USD’s price has gone up 5 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 11 buy signals on our radar and 11 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 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.

In the GBPUSD we’ve a bullish wedge and tomorrow there are 4 news with the GBP so be careful with your trades and don’t forget the risk management.Good profits for everyone. Let me know your opinion about this chart 😉