GBP/USD Down 0 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 19, 2022 1:41 GMT)

Currently, GBPUSD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 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 is up 79 pips (0.67%) since yesterday (opening today near 1.19456), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 8th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20 day averages, located at 1.2061 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.