GBP/USD Down 17 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 12, 2022 1:42 GMT)

At the time of this writing, GBPUSD’s rate is down -17 pips (-0.14%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend 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)

GBPUSD is down 74 pips (0.6%) since yesterday (opening today near 1.22356), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, GBPUSD ranked 36th yesterday in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone down 7 them.