GBPUSD Down 4 Pips in Last Hour, Moves Up For the 5th Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated October 6, 2021 10:20 GMT)

At the time of this writing, GBPUSD’s rate is down -4 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see downtrend on the 20 and 10 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 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)

GBPUSD is up 19 pips (0.14%) since yesterday (opening today near 1.36257), marking the 5th straight day it has gone up. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 20th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.3661, 1.3734, 1.3805 and 1.3877 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.