GBP/USD Down 5 Pips in Last Hour, in a Downtrend Over Past 90 Days; Eyes 20 Day Average

Hourly Update

(Last Updated June 7, 2022 1:44 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 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 1.25199, up 32 pips (0.26%) since yesterday. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20 and 50 day averages, located at 1.2469 and 1.27 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days.