GBPUSD Up 7 Pips in Last Hour; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated May 6, 2021 3:21 GMT)

At the moment, GBPUSD’s rate is up 7 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.39052, up 15 pips (0.11%) since the previous day. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 15th 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 and 100 day averages, located at 1.3873, 1.3846 and 1.3813 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days.