GBPUSD Up 9 Pips On Hourly Chart, Entered Today Down For the 2nd Day In A Row; is Inching Close to 100 Day Average

Hourly Update

(Last Updated March 26, 2021 1:21 GMT)

At the time of this writing, GBPUSD’s rate is up 9 pips (0.07%) from the hour prior. This is the 3rd hour in a row GBPUSD has seen its price head up. 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 an uptrend 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 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)

GBPUSD is down 51 pips (0.37%) since yesterday (opening today near 1.36828), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, GBPUSD ranked 34th yesterday in terms of percentage price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone down 6 them.