GBP/USD Up 7 Pips, Nears 100 Day Moving Average; Pin Bar Pattern Appearing on Chart

GBP/USD Price Recap

GBP/USD is up 7 pips (0.06%) since yesterday (with its current price near 1.29588), marking the 3rd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 6.01% from the day before — and down 22.4% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/USD ranked 18th yesterday in terms of percentage price change. Below is a price chart of GBP/USD.

GBP/USD Technical Analysis

The first thing we should note is that GBP/USD is now close to its 20, 50, 100 and 200 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 100 day average, which is 61.1 pips away. Or to simplify this another way, note that out of the past 30 days GBP/USD’s price has gone down 17 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 2 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.1, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPUSD is still in corrective pattern and has fallen under the longterm rising trendline….Currently in retesting this trendline from the downside….I think there is still a little bit room to the upside, another retest and touch of the 38% Fib level before we continue the big move to the downside.