GBPUSD Down 4 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; Eyes 100 Day Average
Price action traders may also wish to note that we see a doji candlestick pattern on gbpusd.
GBPUSD
(Last Updated March 16, 2021)
Hello! This is the news page for 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 States Retail Sales MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | -0.5% | -3% |
| United States Retail Sales Ex Autos MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | -0.1% | -2.7% |
| United States Export Prices MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | 0.9% | 1.6% |
| United States Import Prices MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | 1.2% | 1.3% |
| United States Capacity Utilization | Feb 2021 | US Dollar | USD | 2021-03-16 | 13:15 GMT | 75.5% |
The Trend
A trend/countertrend situation exists on GBPUSD, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 and 30 day timeframes. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
GBPUSD Moving Averages
Across several time periods between 20 and 200 days, the trend on GBPUSD has remained consistently bullish.
The chart below illustrates.
Regarding GBPUSD’s correlations over the past 7 days, it has demonstrated the strongest correlation with AUDCAD. Over the past 14 days, however, the asset showing the strongest correlation to GBPUSD is AUDUSD. On the flip side, the asset least correlated with GBPUSD over the past week has been NZDJPY, but if we observe the prior two weeks, the asset least correlated with GBPUSD has been NZDCHF. The chart below illustrates GBPUSD against its least correlated assets.
.
The View From the Weekly Timeframe
Currently, GBPUSD’s rate is up 58 pips (0.42%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. As for the trend on the weekly timeframe, we see the clearest trend 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
Clearest trend on the monthly is apparent at the 120 month timeframe.
GBPUSD Down 3 Pips in Last Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPUSD Up 5 Pips On Hourly Chart, 2 Day Down Streak Ended; in an Uptrend Over Past 90 Days
This move is a reversal from the hour prior, which saw price move down.
GBPUSD Up 9 Pips On Hourly Chart, Entered Today Down For the 2nd Day In A Row; is Inching Close to 100 Day Average
This is the 3rd hour in a row gbpusd has seen its price head up.
GBPUSD Up 10 Pips On Hourly Chart, Breaks Below 50 Day Average; in an Uptrend Over Past 90 Days
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
GBPUSD Down 11 Pips On Hourly Chart, Crosses 50 Day Moving Average; in an Uptrend Over Past 90 Days
It’s been a feast for bears operating on an hourly timeframe, as gbpusd has now gone down 8 of the past 10 hours.
GBPUSD Up 3 Pips On Hourly Chart, Breaks Below 50 Day Average; in an Uptrend Over Past 90 Days
Relative to other instruments in the forex asset class, gbpusd ranked 34th the day prior in terms of percentage price change.
GBPUSD Down 3 Pips Over Past Hour; Eyes 20 Day Average
Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.
GBPUSD Up 2 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; is Inching Close to 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 down.
GBPUSD Up 8 Pips in Last Hour, Moves Down For the 2nd Straight Day; Crosses 20 Day Moving Average
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.