GBPUSD Down 2 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 16, 2020 23:17 GMT)

At the time of this writing, GBPUSD’s rate is down -2 pips (-0.02%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend 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 up 43 pips (0.33%) since yesterday (opening today near 1.28882), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today the current price of GBPUSD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 88.6 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 20 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 1.05, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBP/USD could make it’s way down to the ascending trendline and zone where we could potentially see a buy opportunity.


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