GBPUSD Down 0 Pips in Last Hour, Entered Today Up For the 4th Day In A Row; is Inching Close to 50, 100 and 200 Day Averages

Hourly Update

(Last Updated September 6, 2021 23:20 GMT)

At the moment, 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see downtrend 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 up 3 pips (0.02%) since yesterday (opening today near 1.38605), marking the 4th day in a row it has gone up. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 22nd in terms of percentage change since yesterday. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that the current price of GBPUSD is sitting close to its 20, 50, 100 and 200 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 200 day average, which is 16 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 and 30 day timeframes. For additional context, note that price has gone down 15 out of the past 30 days.