GBP/USD Up 79 Pips; Breaks Above 20 Average

GBP/USD Price Recap

GBP/USD is up 79 pips (0.61%) since yesterday (with its current price near 1.30379), marking the 4th day in a row an upward move has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 24.21% from the day prior, and up 8.47% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/USD ended up ranking 6th for the day in terms of day-over-day price change. Below is a price chart of GBP/USD.

GBP/USD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBP/USD crossed above its 20 day moving average yesterday. 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 14 pips away. For additional context, note that price has gone up 7 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 6 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.