GBPUSD Down 0 Pips On Hourly Chart, 5 Day Down Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 11, 2020 16:17 GMT)

Currently, GBPUSD’s rate is down 0 pips (0%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD, which opened today priced near 1.30012, is up 21 pips 0.16% since yesterday, marking a reversal from the day prior — and the end of a 5 day negative run. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20, 50 and 200 day averages, located at 1.3182, 1.295 and 1.2737 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 50 day average, which is 51.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 15 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 15 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.88, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

If the market stays above this zone, we should be ready to use reversal signals for buying….The exact trading signals will be in the daily and hourly timeframes….You can use the information from the post to make your own trading plan for the market.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram