GBP/USD Down 8 Pips Over Past 4 Hours, 2 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated July 02, 2020 01:15 AM GMT (09:15 PM EST)

GBP/USD is down 8 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 1.2467), marking the 2nd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, GBP/USD ranked 25th the previous 4 hours in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/USD, which started today off at 1.24708, down 3 pips 0.03% from yesterday. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 29th in terms of percentage change since yesterday. The price chart of GBP/USD below illustrates.

GBP/USD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBP/USD crossed below its 20 day moving average yesterday. 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 0.8 pips away. Or to simplify this another way, note that out of the past 10 days GBP/USD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 17 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and stochastic technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

GBP/USD is faltering at resistance from a downward sloping chart trendline as the markets weigh up improving economic data against surging coronavirus infections in the US.