GBPUSD Up 3 Pips in Last Hour; Pin Bar Pattern Appearing on Chart
Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on gbpusd.
(Last Updated January 23, 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:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
United States Chicago Fed National Activity Index | Dec 2020 | US Dollar | USD | 2021-01-25 | 13:30 GMT | ||
United States Dallas Fed Manufacturing Index | Jan 2021 | US Dollar | USD | 2021-01-25 | 15:30 GMT | ||
United Kingdom Employment Change | Oct 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | -100K | |
United Kingdom Average Earnings excl. Bonus | Nov 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | 3.1% | |
United Kingdom Average Earnings incl. Bonus | Nov 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | 2.9% |
On GBPUSD, there is currently an uptrend on the 90, 30 and 14 day timeframes.
The moving averages on GBPUSD indicate a trend that is clearly bullish.
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 USDNOK. Over the past 14 days, however, the asset showing the strongest correlation to GBPUSD is GBPJPY. On the flip side, the asset least correlated with GBPUSD over the past week has been GBPAUD, but over the past two weeks, EURUSD 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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At the time of this writing, GBPUSD’s rate is up 159 pips (1.17%) from the week prior. GBPUSD has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. As for the trend on the weekly timeframe, we see the clearest trend on the 10 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 120 month timeframe.
Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on gbpusd.
Compared to its peers in the forex, gbpusd gave its buyers a return that ranked 34th in terms of percentage change since the day prior.
This is a reversal of the price action on the previous hour, in which price moved up.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
Price action traders may also wish to note that we see a doji candlestick pattern on gbpusd.
This is a reversal of the price action on the previous hour, in which price moved down.
This is the 2nd consecutive hour gbpusd has seen its price head up.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
This move is a reversal from the hour prior, which saw price move down.