GBP/USD Down 5 Pips in Last Hour, 6 Day Down Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 2, 2022 1:41 GMT)

At the time of this writing, GBPUSD’s rate is down -5 pips (-0.04%) 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. Regarding the trend, note that the strongest trend exists 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 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)

GBPUSD, which opened today priced near 1.25719, is up 111 pips 0.89% since yesterday, marking a reversal from the day prior — and the end of a 6 day negative run. Relative to other instruments in the Forex asset class, GBPUSD ranked 7th yesterday in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.