GBPUSD Up 2 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated May 31, 2021 2:21 GMT)

At the time of this writing, GBPUSD’s rate is up 2 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 3 pips (0.02%) since the day prior (opening today near 1.41834), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 26th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.4125, 1.3958 and 1.3912 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.