(Last Updated April 29, 2021 2:22 GMT)
Currently, GBPUSD’s rate is up 10 pips (0.07%) from the hour prior. The hourly chart shows that GBPUSD has seen 3 straight up 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 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 up 48 pips (0.34%) since yesterday (opening today near 1.39508), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPUSD ranked 7th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Notably, the current price of GBPUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 105 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them.