GBPUSD Up 3 Pips in Last Hour, Entered Today Up For the 2nd Consecutive Day; Nears 20 and 200 Day Moving Averages

Hourly Update

(Last Updated July 23, 2021 2:22 GMT)

Currently, GBPUSD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPUSD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

GBPUSD is up 60 pips (0.44%) since the previous day (opening today near 1.37755), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, GBPUSD ranked 4th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 24.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone down 7 them.