GBPUSD Down 12 Pips Over Past Hour, Came Into Today Up For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 18, 2020 19:17 GMT)

At the time of this writing, GBPUSD’s rate is down -12 pips (-0.09%) 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is up 6 pips (0.05%) since yesterday (opening today near 1.29729), marking the 4th day in a row it has gone up. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 18th in terms of percentage change since yesterday. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, 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 18.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 18 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci, head and shoulders, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

In case short the take profit at 1.28039, in case long we go to look for 1.32….If you agree with my ideas put a like and feel free leave a comment to link your trading ideas….For informations feel free to contact me.


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