GBP/USD Up 10 Pips Over Past 4 Hours, Entered Today Up For the 13th Day In A Row; in an Uptrend Over Past 14 Days

GBP/USD 4 Hour Price Update

Updated July 31, 2020 05:08 AM GMT (01:08 AM EST)

GBP/USD is up 10 pips (0.08%) since the last 4 hour candle (opening the current 4 hour candle near 1.3128), marking the 6th candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/USD ranked 14th the last 4 hour candle in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 17 pips (0.13%) since the day prior (opening today near 1.31113), marking the 13th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 10th for the day in terms of price change. Here is a price chart of GBP/USD.

GBP/USD

GBP/USD Technical Analysis

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 377.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBP/USD’s price has gone up 13 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPUSD; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My previous analysis and predictions were wrong. The momentum uptrend side remains strong. It can be broken out resistance and channel. Now, we wait and looking for a buying signal on 23% or 38% of Fibonacci retracement. The target price is 1.35191.