GBPUSD Up 3 Pips On Hourly Chart, Breaks Below 50 Day Average; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated March 23, 2021 1:22 GMT)

Currently, GBPUSD’s rate is up 3 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 21 pips (0.15%) since the day prior (opening today near 1.3838), marking the 3rd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPUSD ranked 34th the day prior in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPUSD crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them.