GBP/USD Down 0 Pips Over Past Hour, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 29, 2022 1:42 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend 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 5 pips (0.04%) since the previous day (opening today near 1.21706), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 7th for the day in terms of price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 and 30 day timeframes. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 16 them.