(Last Updated March 25, 2021 1:21 GMT)
At the moment, GBPUSD’s rate is up 10 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for GBPUSD, which started today off at 1.37335, down 129 pips 0.93% from yesterday. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 28th for the day in terms of price change. Below is a price chart of GBPUSD.
GBPUSD Technical Analysis
First things first: GBPUSD crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone down 6 out of the past 10 days.