(Last Updated November 22, 2022 1:43 GMT)
At the time of this writing, GBPUSD’s rate is down -1 pips (-0.01%) from the hour prior. GBPUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 entered today at 1.18203, down 63 pips (0.53%) from yesterday. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 34th for the day in terms of price change. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
Coming into today the current price of GBPUSD is sitting close to its 20 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 177.6 pips away. 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 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 8 them.