GBPUSD Down 1 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 15, 2020 23:18 GMT)

At the time of this writing, GBPUSD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 11 pips (0.09%) since yesterday (opening today near 1.27929), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBPUSD ranked 27th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 50, 100 and 200 day averages, located at 1.2963, 1.2691 and 1.2735 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 200 day average, which is 58.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 8 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top, flag and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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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