GBPUSD

(Last Updated August 4, 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

If we observe the 90, 30 and 14 day timeframes, we see an uptrend in place for GBPUSD.

GBPUSD Moving Averages

Nuances in the trend on GBPUSD can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, implying a upward trend, aside from a decline about 6 months prior.

The chart below illustrates.

As for assets in the Forex asset class GBPUSD has been correlated to over the past week, it has been most correlated with GBPCAD. If we zoom out to a two week basis, though, EURTRY is the asset most correlated to GBPUSD. On the flip side, USDNOK has been the asset least correlated with GBPUSD — but over the past two weeks, NZDCAD has been the asset least correlated with GBPUSD. See the chart below to observe the recent price action in GBPUSD versus those of assets it hasn’t been well correlated with.

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The View From the Weekly Timeframe

Currently, GBPUSD’s rate is down -9e-04 (-0.06%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows GBPUSD’s price action over the past year.