GBPUSD

(Last Updated October 28, 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 and 30 day timeframes, we see an uptrend in place for GBPUSD.

GBPUSD Moving Averages

The moving averages on GBPUSD summarize its price action in an interesting way. 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. Moreover, today we saw the 200 moving average turn bearish.

Below is a chart showing GBPUSD’s price with its moving averages.

Regarding GBPUSD’s correlations over the past 7 days, it has demonstrated the strongest correlation with USDJPY. Over the past 14 days, however, the asset showing the strongest correlation to GBPUSD is GBPCAD. On the flip side, the asset least correlated with GBPUSD over the past week has been USDTRY, but over the past two weeks, the asset least correlated with GBPUSD has been AUDJPY. 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

At the moment, GBPUSD’s rate is up 0.0003 (0.03%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as GBPUSD has now gone up 4 of the past 5 weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists 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 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. 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 120 month timeframe.