GBP/USD Down 1 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 30, 2021 21:37 GMT)

Currently, GBPUSD’s rate is down -1 pips (0%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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 20 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 down 111 pips (0.82%) since the day prior (opening today near 1.34266), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 36th in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20 and 50 day averages, located at 1.3723 and 1.3767 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 17 out of the past 30 days.