GBPUSD Down 3 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 9, 2021 20:23 GMT)

Currently, GBPUSD’s rate is down -3 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

A moment of silence, please, for the end of GBPUSD’s 3 day up streak; price ended the day prior down 30 pips (-0.21%) to finish the day at a rate of 1.4148. Relative to other instruments in the Forex asset class, GBPUSD ranked 28th the day prior in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD crossed below its 20 day moving average yesterday. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!