GBPUSD Down 0 Pips On Hourly Chart; Entered Today Up For the 2nd Day In A Row

Hourly Update

(Last Updated February 22, 2021 23:21 GMT)

Currently, GBPUSD’s rate is down 0 pips (0%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend 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 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 is up 31 pips (0.22%) since yesterday (opening today near 1.40013), marking the 2nd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 16th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that the current price of GBPUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 7 them.