GBPUSD Down 12 Pips Over Past Hour, Nears 20, 50, 100 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 16, 2021 8:21 GMT)

At the time of this writing, GBPUSD’s rate is down -12 pips (-0.08%) from the hour prior. GBPUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.38464, up 38 pips (0.28%) since the previous day. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 6th 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, 50, 100 and 200 day averages, located at 1.3797, 1.3804, 1.3895 and 1.3885 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 38.1 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.