GBP/USD Up 33 Pips in Last 4 Hours, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

GBP/USD 4 Hour Price Update

Updated March 31, 2020 01:09 PM GMT (09:09 AM EST)

GBP/USD, which opened the current 4 hour candle priced near 1.235, is up 33 pips 0.27% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle negative run. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 11th 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 down 64 pips (0.52%) since yesterday (opening today near 1.2351), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBP/USD ranked 38th yesterday in terms of percentage price change. The price chart of GBP/USD below illustrates.

GBP/USD Technical Analysis

The first thing we should note is that GBP/USD is now close to its 20 and 50 day averages, located at 1.2184 and 1.2637 respectively, and thus may be at a key juncture along those timeframes. 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 167.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBP/USD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 8 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Fibonacci Retracement drawn from Daily high and low….Price is currently in Retracement area and also by my Weekly levels and zones….So I am placing a short trade down to the Daily Support target given from the FibonacciTRADE: Entry: 1.2350Stop Loss: 1.2970 Risk: 620pipsTarget 1: 1.0970 Risk:Reward ratio = 1:2.26 Profit: 1380pips (Most likely)Target 2: 1.0350 Risk:Reward ratio = 1:3.25 Profit: 2000pips (Likely)Target 3: 0.8600 Risk:Reward ratio = 1:6.09 Profit: 3750pips (Least likely)