GBPUSD Up 16 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days
Price action traders may also wish to note that we see a doji candlestick pattern on gbpusd.
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.
GBP/USD Down 3 Pips Over Past Hour, 3 Day Down Streak Snapped; Eyes 20 Day Average
This is a reversal of the price action on the previous hour, in which price moved up.
GBP/USD Down 3 Pips On Hourly Chart; Moves Down For the 3rd Consecutive Day
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
GBP/USD Down 2 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone down 15 out of the past 30 days.
GBPUSD Up 3 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
GBPUSD Down 2 Pips On Hourly Chart
Relative to other instruments in the forex asset class, gbpusd ranked 26th the day prior in terms of percentage price change.
GBPUSD Down 4 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation 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 in Last Hour, is Inching Close to 20, 50, 100 and 200 Day Averages; Pin Bar Pattern Appearing on Chart
This move is a reversal from the hour prior, which saw price move up.
GBPUSD Down 12 Pips Over Past Hour, Nears 20, 50, 100 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart
The closest is the 200 day average, which is 38.1 pips away.
GBPUSD Up 5 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Eyes 20, 50, 100 and 200 Day Averages
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.