GBPUSD Up 33 Pips On Hourly Chart, 3 Day Up Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 4, 2020 9:52 GMT)

At the time of this writing, GBPUSD’s rate is up 33 pips (0.25%) 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 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 200 hour moving averages, resulting in them so that price is now turning above them. 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 3 day up streak; price ended the day prior down 31 pips (-0.23%) to finish the day at a rate of 1.33499. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 185.9 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 up. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 16 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. 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.

Gbp Usd, bullish idea done over rsi and zig-zag pattern expected to rise from 1.32655 All of my market shared technical set-ups are speculative, they are not guaranteed for accuracy or in completeness in the form of any content….At this profile page, the analysis, ideas and also, the strategy of a chart belongs to Khiwe; -it is not to advice on financial markets; please apply your own analysis and confirm it with price action.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram