GBPUSD Down 3 Pips in Last Hour, Tops All Forex; Breaks Above 20 and 50 Day Averages

Hourly Update

(Last Updated May 4, 2021 2:21 GMT)

At the time of this writing, GBPUSD’s rate is down -3 pips (-0.02%) from the hour prior. The hourly chart shows that GBPUSD has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning below it. 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 up 81 pips (0.59%) since yesterday (opening today near 1.39035), marking the 2nd day in a row an increase has occurred. GBPUSD outperformed all 39 assets in the Forex asset class yesterday. Congrats to its holders! Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPUSD crossed above its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days.