GBP/USD Down 3 Pips in Last Hour, 2 Day Down Streak Snapped; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated August 5, 2022 1:43 GMT)

At the time of this writing, GBPUSD’s rate is down -3 pips (-0.03%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.21571, up 17 pips (0.14%) since the previous day. Relative to other instruments in the Forex asset class, GBPUSD ranked 17th 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 and 50 day averages, located at 1.2029 and 1.219 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 up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 6 them.