(Last Updated March 24, 2021 1:21 GMT)
At the moment, GBPUSD’s rate is down -11 pips (-0.08%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of GBPUSD’s 3 day down streak; price ended the day prior up 24 pips (0.18%) to finish the day at a rate of 1.38624. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
First things first: GBPUSD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 16 them.