(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 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.