GBP/USD Down 0 Pips Over Past Hour, Entered Today Up For the 2nd Straight Day; is Inching Close to 50 Day Average

Hourly Update

(Last Updated December 28, 2021 1:45 GMT)

At the time of this writing, 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 some doji and pin bar candlestick patterns 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 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 37 pips (0.28%) since the previous day (opening today near 1.34412), marking the 2nd straight day it has gone up. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 14th 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, 100 and 200 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 up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days.