GBPUSD Down 111 Pips On Hourly Chart; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 4, 2020 2:19 GMT)

Currently, GBPUSD’s rate is down -111 pips (-0.85%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 200 hour changed directions on GBPUSD; it is now pointing down. 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)

The back and forth price flow continues for GBPUSD, which started today off at 1.30491, up 133 pips 1.03% from yesterday. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Let’s take a look at 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. 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 50 day average, which is 59.8 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days.