GBP/USD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 4, 2022 1:42 GMT)

At the time of this writing, 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 20 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 20 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 is down 2 pips (0.02%) since the day prior (opening today near 1.24941), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

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 22 out of the past 30 days.