(Last Updated September 16, 2022 1:43 GMT)
At the time of this writing, GBPUSD’s rate is down -10 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 and 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 1.14528, down 92 pips (0.79%) since yesterday. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Below is a price chart of GBPUSD.
GBPUSD Technical Analysis
The first thing we should note is that GBPUSD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.