GBPUSD Down 0 Pips On Hourly Chart, 2 Day Down Streak Snapped; Breaks Above 20 Day Average

Hourly Update

(Last Updated October 15, 2021 0:21 GMT)

At the time of this writing, GBPUSD’s rate is down 0 pips (0%) from the hour prior. This is 2nd hour in a row GBPUSD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see downtrend on the 10 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.36681, up 86 pips (0.63%) since the day prior. Relative to other instruments in the Forex asset class, GBPUSD ranked 3rd the day prior in terms of percentage price change. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

First things first: GBPUSD crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 6 out of the past 10 days.