GBP/USD 4 Hour Price Update
Updated July 23, 2020 09:24 AM GMT (05:24 AM EST)
The choppiness in the recent four-hour candle price action of GBP/USD continues; to start the current 4 hour candle, it came in at a price of 1.2726, down 10 pips (0.08%) since 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 2 pips (0.01%) since the day prior (opening today near 1.27351), marking the 6th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 24th for the day in terms of price change. Here is a price chart of GBP/USD.
GBP/USD Technical Analysis
Coming into today 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 200 day average, which is 73.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPUSD, with 9 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.64, 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.
EURUSD* The technical cross-section**: Trend: 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions : buyingBuying in the area of 1,1460 with a stop below 1,1400 and a profit in the area of 1,1540….GBPUSD The technical cross-section: Trend : 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions: buyingBuying in the area of 1,2650 with a stop above 1,2600 and a profit in area 1,2750….USDJPY The technical cross-section: Trend: 0 A strength of trend: -1 Overbought/oversold: none The priority area of transactions: sellingSelling in the area of 107,80 with a stop above 108,30 and a profit in area 107,00.