GBP/USD Down 11 Pips in Last 4 Hours, 10 Day Up Streak Ended; in an Uptrend Over Past 14 Days

GBP/USD 4 Hour Price Update

Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)

GBP/USD is down 11 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 1.2924), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, GBP/USD gave its buyers a return that ranked 33rd in terms of percentage change since the previous 4 hours.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD, which opened today priced near 1.29237, is down 7 pips 0.06% since the day prior, marking a reversal from the day prior — and the end of a 10 day positive run. Relative to other instruments in the Forex asset class, GBP/USD ranked 39th the day prior in terms of percentage price change. Let’s take a look at price chart of GBP/USD.

GBP/USD

GBP/USD Technical Analysis

Coming into today GBP/USD is now close to its 20 and 200 day averages, located at 1.2678 and 1.2654 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 20 day average, which is 246 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 up. Or to simplify this another way, note that out of the past 10 days GBP/USD’s price has gone up 9 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 13 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.68, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

All the predicted bearish models are invalidated buy the current price move todayTo be honest I was so bearish but this is Forex and things does not always go in our way….this price prediction is based on the **flat correction model**….This price target is a cluster that is confirmed by fibo and reverse RSI methodsI will publish the bullish models for daily and hourly charts after the current up trend stopsFor now do not short or long the market as It is very hard to fit a model to this move.