GBP/USD Down 21 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 3rd Day In A Row

Hourly Update

(Last Updated June 13, 2022 1:40 GMT)

Currently, GBPUSD’s rate is down -21 pips (-0.17%) from the hour prior. GBPUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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 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 186 pips (1.49%) since the previous day (opening today near 1.23085), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBPUSD ranked 37th the previous day in terms of percentage price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20 day averages, located at 1.2516 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone down 6 them.