GBPUSD Up 5 Pips in Last Hour, 4 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 20, 2020 2:19 GMT)

At the time of this writing, GBPUSD’s rate is up 5 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend on the 20 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of GBPUSD’s 4 day up streak; price ended the day prior down 12 pips (-0.09%) to finish the day at a rate of 1.32551. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, the current price of GBPUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.