GBP/USD Down 5 Pips in Last Hour, Moves Up For the 4th Consecutive Day; Doji and Pin Bar Patterns Appearing on Chart
It’s been a feast for bears operating on an hourly timeframe, as gbpusd has now gone down 4 of the past 5 hours.
GBPUSD
(Last Updated April 15, 2021)
Welcome to the news page for GBPUSD (GBPUSD). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for GBPUSD
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| United Kingdom BoE Credit Conditions Survey | NA | British Pound | GBP | 2021-04-15 | 08:30 GMT | ||
| United States Continuing Jobless Claims | 03/Apr 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 3700K | 3731K |
| United States Initial Jobless Claims | 10/Apr 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 700K | 576K |
| United States NY Empire State Manufacturing Index | Apr 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 19.5 | 26.3 |
| United States Retail Sales MoM | Mar 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 5.9% | 9.8% |
The Trend
A trend/countertrend situation exists on GBPUSD, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
GBPUSD Moving Averages
Nuances in the trend on GBPUSD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, while the 20 and 50 day averages are pointing downward, suggesting a bearish trend on those timeframes. This implies that the long-term trend — meaning going back over 3 months — is bullish, while the trend over the past month and a half is bearish.
Below is a chart showing GBPUSD’s price with its moving averages.
As for assets in the Forex asset class GBPUSD has been correlated to over the past week, it has demonstrated the strongest correlation with EURCAD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to GBPUSD is NZDJPY. Alternatively, EURCAD has been the asset least correlated with GBPUSD — but over the past two weeks, AUDCAD has been the asset least correlated with GBPUSD. 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 76 pips (0.55%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. GBPUSD’s weekly price action over the past 52 weeks can be seen via the chart below.
GBPUSD: The Monthly View
Monthly trend: strongest on the 24 month timeframe.
GBPUSD Down 7 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
GBPUSD Down 5 Pips in Last Hour, Entered Today Up For the 3rd Day In A Row; in an Uptrend Over Past 30 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPUSD Up 7 Pips in Last Hour; Nears 20 and 50 Day Moving Averages
This move is a reversal from the hour prior, which saw price move down.
GBPUSD Down 3 Pips in Last Hour, Tops All Forex; Breaks Above 20 and 50 Day Averages
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
GBPUSD Up 15 Pips On Hourly Chart; Eyes 20, 50 and 100 Day Averages
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPUSD Down 6 Pips in Last Hour; Moves Up For the 4th Consecutive Day
The closest is the 50 day average, which is 105.9 pips away.
GBPUSD Up 10 Pips On Hourly Chart; Came Into Today Up For the 3rd Consecutive Day
Relative to other instruments in the forex asset class, gbpusd ranked 7th yesterday in terms of percentage price change.
GBPUSD Down 12 Pips in Last Hour, Came Into Today Up For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart
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 Down 1 Pips On Hourly Chart; Nears 20 and 50 Day Moving Averages
Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.