GBP/USD Moves Down For the 5th Day In A Row, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

GBP/USD Price Recap

GBP/USD is down 8 pips (0.06%) since yesterday (with its current price near 1.22689), marking the 5th 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 2.93% from the day prior, and up 192.86% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/USD ranked 22nd yesterday in terms of percentage price change. The price chart of GBP/USD below illustrates.

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 200 day average, which is 429.9 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. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions 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 a elliott wave technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.