GBP/USD Down 21 Pips in Last Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2022 1:41 GMT)

At the moment, GBPUSD’s rate is down -21 pips (-0.18%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 an uptrend 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 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 entered today at 1.15165, up 4 pips (0.04%) from the day prior. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20 day averages, located at 1.1794 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 days.