(Last Updated February 24, 2021 0:23 GMT)
At the moment, GBPUSD’s rate is down -1 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 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend 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 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 69 pips (0.49%) since yesterday (opening today near 1.40703), marking the 3rd consecutive day an increase has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 7th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Coming into today GBPUSD is now close to its 20 day averages, located at 1.381 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 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.