GBP/USD Down 15 Pips On 4 Hour Chart, Moves Up For the 9th Day In A Row; Doji Pattern Appearing on Chart

GBP/USD 4 Hour Price Update

Updated July 27, 2020 09:07 PM GMT (05:07 PM EST)

The back and forth price flow continues for GBP/USD, which started the current 4 hour candle off at 1.2868, down 15 pips 0.12% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/USD ended up ranking 29th for the four-hour candle in terms of price change.

GBP/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/USD is up 7 pips (0.05%) since the previous day (opening today near 1.27994), marking the 9th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBP/USD ranked 14th the previous day in terms of percentage price change. Here is a price chart of GBP/USD.

GBP/USD

GBP/USD Technical Analysis

The first thing we should note is that GBP/USD is now close to its 20, 50 and 200 day averages, located at 1.263, 1.2556 and 1.2656 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 200 day average, which is 143.2 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 30 days GBP/USD’s price has gone up 21 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

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 10 sell signals. This imputes a buy/sell ratio of 1.3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

On the 4H timeframe we have a new critical area at the 1.27000 mark….Price doing a correction and receiving support from the 4H critical area near 1.27000….Price doing a correction and receiving support from the daily critical area near 1.26000.