(Last Updated March 3, 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 Markit/CIPS UK Services PMI Final | Feb 2021 | British Pound | GBP | 2021-03-03 | 09:30 GMT | 49.7 | 49.5 |
| United Kingdom Markit/CIPS Composite PMI Final | Feb 2021 | British Pound | GBP | 2021-03-03 | 09:30 GMT | 49.8 | 49.6 |
| United Kingdom OBR Economic and Fiscal Forecasts | NA | British Pound | GBP | 2021-03-03 | 12:30 GMT | ||
| United Kingdom Budget 2021 | NA | British Pound | GBP | 2021-03-03 | 12:30 GMT | ||
| United States ADP Employment Change | Feb 2021 | US Dollar | USD | 2021-03-03 | 13:15 GMT | 177K |
If we observe the 90 and 30 day timeframes, we see an uptrend in place for GBPUSD.
GBPUSD’s moving averages suggest the trend on a number of time horizons is bullish.
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 been most correlated with AUDUSD. AUDUSD is the asset with which GBPUSD has been most correlated with over the past two weeks as well, so this may be a recurring pattern. On the flip side, CADJPY has been the asset least correlated with GBPUSD — but if we observe the prior two weeks, EURNOK has been the asset least correlated with GBPUSD. The chart below illustrates GBPUSD against its least correlated assets.
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Currently, GBPUSD’s rate is up 34 pips (0.24%) 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. Regarding the trend, note that the strongest trend 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. The weekly chart below shows GBPUSD’s price action over the past year.
Clearest trend on the monthly is apparent at the 120 month timeframe.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 21.89% from the day prior, and up 81.05% from the same day the week before.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 8.08% from the day prior, and up 59.58% from the same day the week before.
The closest is the 100 day average, which is 55.1 pips away.
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.
Out of the 40 instruments in the forex asset class, gbp/usd ended up ranking 21st for the day in terms of day-over-day price change.
Relative to other instruments in the forex asset class, gbp/usd ranked 35th yesterday in terms of percentage price change.
After that we should see a wave 4 correction before the final push to the upside….
This imputes a buy/sell ratio of 0.86, which is neutral.
This imputes a buy/sell ratio of 0.1, which is quite bearish.