(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:
| 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% |
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.
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.
.
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.
Monthly trend: strongest on the 24 month timeframe.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
The closest is the 200 day average, which is 34.6 pips away.
Relative to other instruments in the forex asset class, gbpusd ranked 28th yesterday in terms of percentage price change.
Or to simplify this another way, note that out of the past 30 days gbpusd’s price has gone down 17 them.
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
For additional context, note that price has gone down 8 out of the past 14 days.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.