GBP/USD Down 28 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

GBP/USD 4 Hour Price Update

Updated June 23, 2020 01:11 PM GMT (09:11 AM EST)

GBP/USD entered the current 4 hour candle at 1.247, down 28 pips (0.22%) from the previous 4 hours. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 26 pips (0.21%) since yesterday (opening today near 1.2494), marking the 3rd 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 10th in terms of percentage change since yesterday. Here 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, 50, 100 and 200 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 20 day average, which is 67 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 10 buy signals on our radar and 15 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 channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPUSD is currently testing a strong trendline, but also a key resistance level.A reversal from resistance/trendline will be an entry point for me. Risk reward 2:1