GBP/USD Down 3 Pips On Hourly Chart; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2021 1:49 GMT)

At the moment, GBPUSD’s rate is down -3 pips (-0.02%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 1.34202, up 9 pips (0.07%) since the previous day. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.3573, 1.3621 and 1.3715 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone down 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.