(Last Updated March 11, 2021 0:22 GMT)
Currently, GBPUSD’s rate is down -3 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 and 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 20, 50, 100 and 200 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)
The back and forth price flow continues for GBPUSD, which started today off at 1.3887, up 62 pips 0.45% from the day prior. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 9th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
The first thing we should note is that GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 17 them.