GBP/USD Price Recap
GBP/USD is down 34 pips (0.26%) since yesterday (with its current price near 1.28812), marking the 4th day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 10.59% from the day prior, and up 11.09% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/USD ranked 33rd yesterday in terms of percentage price change. Below is a price chart of GBP/USD.
GBP/USD Technical Analysis
Notably, GBP/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.3, 1.3054, 1.2936 and 1.2688 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 100 day average, which is 55.1 pips away. Volatility for GBP/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 30 days GBP/USD’s price has gone down 16 them.
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 9 sell signals. This imputes a buy/sell ratio of 1.11, which is neutral. As for the rationale, technical traders seem to be citing the appearance of divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
After long bearish day, the price reached a strong support zone between 1.286 and 1.277….i think the price will tend up slowly reaching 1.289 before going for short again….Divergence is occured in 1H and 4H TF.