(Last Updated February 25, 2021 0:23 GMT)
At the moment, GBPUSD’s rate is up 1 pips (0.01%) from the hour prior. GBPUSD has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPUSD is up 48 pips (0.34%) since yesterday (opening today near 1.41187), marking the 4th consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Coming into today GBPUSD is now close to its 20 day averages, located at 1.3829 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 up. For additional context, note that price has gone up 18 out of the past 30 days.