GBPUSD Up 6 Pips in Last Hour; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 23, 2020 2:19 GMT)

Currently, GBPUSD’s rate is up 6 pips (0.05%) 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 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD entered today at 1.32832, up 28 pips (0.21%) from the previous day. Out of the 40 instruments in the Forex asset class, GBPUSD ended up ranking 15th for the day in terms of price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 17 them.