GBP/USD Down 8 Pips in Last 4 Hours, Came Into Today Up For the 2nd Day In A Row; Hot Streak Continues, Has Now Rallied 13 Out of 14 Past Days

GBP/USD 4 Hour Price Update

Updated August 03, 2020 05:08 AM GMT (01:08 AM EST)

The choppiness in the recent four-hour candle price action of GBP/USD continues; to start the current 4 hour candle, it came in at a price of 1.3093, down 8 pips (0.06%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/USD ranked 25th the last 4 hour candle in terms of percentage price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 5 pips (0.04%) since yesterday (opening today near 1.309), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 14th for the day in terms of 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 day moving averages, which may act as price barrier for the asset. 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 309.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 13 out of the past 14 days.

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 15 sell signals. This imputes a buy/sell ratio of 0.87, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBP/USD short waiting for fib retrace if low gets taken out fib will no longer be valid, TP1 .236, TP2 0, TP3 -.25, TP -.618