GBPUSD Up 1 Pips On Hourly Chart, Came Into Today Up For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart
Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.
GBPUSD
(Last Updated October 21, 2020)
Welcome to the news page for GBPUSD (GBPUSD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On GBPUSD, there is currently an uptrend on the 90 and 30 day timeframes.
GBPUSD Moving Averages
GBPUSD’s moving averages tell a multi-facted story about its trend. The 20 and 100 day averages are pointing upwards, suggesting a bullish trend, while the 50 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes.
Below is a chart showing GBPUSD’s price with its moving averages.
In terms of correlations over the past week for GBPUSD, it has demonstrated the strongest correlation with GBPJPY. If we zoom out to a two week basis, though, the asset showing the strongest correlation to GBPUSD is USDNOK. Alternatively, EURNZD has been the asset least correlated with GBPUSD — but over the past two weeks, the asset least correlated with GBPUSD has been GBPAUD. The chart below illustrates GBPUSD against its least correlated assets.
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The View From the Weekly Timeframe
At the moment, GBPUSD’s rate is up 0.0031 (0.24%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Of note is that the 50 week changed directions on GBPUSD; it is now pointing up. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. The weekly chart below shows GBPUSD’s price action over the past year.
GBPUSD: The Monthly View
Monthly trend: strongest on the 60 month timeframe.
GBPUSD Down 18 Pips Over Past Hour, Moves Up For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart
Relative to other instruments in the forex asset class, gbpusd ranked 19th the day prior in terms of percentage price change.
GBPUSD Up 26 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Eyes 20 Day Average
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
GBPUSD Up 26 Pips On Hourly Chart, Nears 20 Day Moving Average; Doji and Pin Bar Patterns Appearing on Chart
Of note is that the 50 hour changed directions on gbpusd; it is now pointing up.
GBPUSD Down 8 Pips Over Past Hour, Price Base in Formation Over Past 30 Days; Eyes 20 Day Average
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
GBPUSD Up 7 Pips On Hourly Chart; Eyes 50 Day Average
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.
GBPUSD Up 2 Pips Over Past Hour, 4 Day Up Streak Ended; Breaks Below 50 Day Average
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.
GBPUSD Down 19 Pips Over Past Hour, Moves Up For the 4th Day In A Row; in an Uptrend Over Past 14 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
GBPUSD Down 0 Pips Over Past Hour, Entered Today Up For the 3rd Day In A Row; Crosses 50 Day Moving Average
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
GBPUSD Up 2 Pips Over Past Hour; Moves Up For the 2nd Straight Day
Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.