GBP/USD Down 2 Pips Over Past Hour; 2 Day Up Streak Snapped

Hourly Update

(Last Updated November 12, 2020 1:32 GMT)

At the moment, GBPUSD’s rate is down -0.0002 (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.32183, down 51 pips (0.39%) since the previous day. Out of the 40 instruments in the Forex asset class, GBPUSD ended up ranking 35th for the day in terms of price change. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 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.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 18 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I use this price action strategy every day on my personal Live Account, <- Check out my profile and follow!...Watch the chart and ensure using price action, or your strategy as well....This is just a set you in my own trading plan, please ensure you observe price action, and watch the price itself for your own strategy too :).