(Last Updated February 19, 2021 0:23 GMT)
At the time of this writing, GBPUSD’s rate is down -3 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 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 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 down 31 pips (0.22%) since the previous day (opening today near 1.38632), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 28th for the day in terms of price change. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
The first thing we should note is that GBPUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.