GBP/USD Up 112 Pips On 4 Hour Chart, 8 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

GBP/USD 4 Hour Price Update

Updated March 24, 2020 03:17 AM GMT (11:17 PM EST)

After 4 down four-hour candles, GBP/USD snaps its streak, rising 112 pips (0.98%) over the past four-hour candle to close at an exchange rate of 1.1592. Out of the 36 instruments in the Forex asset class, GBP/USD ended up ranking 6th for the four-hour candle in terms of price change.

GBP/USD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

After 8 down days, GBP/USD snaps its streak, rising 173 pips (1.51%) over the past day to close at an exchange rate of 1.16581. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 6.97% from the day prior, but up 84.91% from the same day the week before. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 5th in terms of percentage change since yesterday’s New York session. 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 20 day average, which is 927.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 10 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 14, 30 and 90 day

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 24 buy signals on our radar and 8 sell 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 and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hellooo…My Dragon Friends…I see GBPUSD have bullish divergence at timeframe H4. and defend support at 1.1440.i try to buy now or wait break this line 1.1675-1.1700My Trade ideas fir GBPUSDBuy GBPUSD at 1.1675-1.1700SL at 1.1440TP1 at 1.1865TP2 at 1.2040TP3 at 1.2110TP4 at 1.2265Lets SeeHappy TradingSmart TradingMoney ManagementDisclaimer ON