GBPUSD Up 2 Pips in Last Hour, 2 Day Down Streak Broken; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 1, 2021 2:21 GMT)

At the time of this writing, GBPUSD’s rate is up 2 pips (0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 and 5 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 1.4224, up 41 pips (0.29%) from the day prior. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 9th for the day in terms of price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.4137, 1.3966 and 1.3917 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 14 days GBPUSD’s price has gone up 7 them.