GBP/USD Down 2 Pips in Last 4 Hours, Breaks Above 100 Day Average; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

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

The back and forth price flow continues for GBP/USD, which started the current 4 hour candle off at 1.2388, down 2 pips 0.02% from the last 4 hour candle. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 24th in terms of percentage change since the last 4 hour candle.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 72 pips (0.58%) since the day prior (opening today near 1.23869), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 6th in terms of percentage change since the day prior. Let’s take a look at price chart of GBP/USD.

GBP/USD Technical Analysis

First things first: GBP/USD crossed above its 100 day moving average yesterday. 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 11 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 6 out of the past 10 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 14 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.27, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi All,Looking the way it is, GBPUSD are respecting the channel. I will look for SELL chance.Waiting confirmation. Bearish Engulfing Candlestick would be nice!Share your view and idea with me too on this in the comment below.Regards,NINJA WAVE FX