GBP/USD Down 2 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 22, 2021 1:52 GMT)

Currently, GBPUSD’s rate is down -2 pips (-0.02%) 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. Regarding the trend, note that the strongest trend exists on the 100 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 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 5 pips (0.03%) since the previous day (opening today near 1.36571), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 16th for the day in terms of price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.379, 1.3805, 1.3873 and 1.3885 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.