GBP/USD Down 0 Pips in Last Hour, 2 Day Up Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 16, 2021 1:49 GMT)

At the moment, GBPUSD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly 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 End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD entered today at 1.34109, down 4 pips (0.03%) from yesterday. Relative to other instruments in the Forex asset class, GBPUSD ranked 22nd yesterday in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.3589, 1.3627 and 1.3718 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.