(Last Updated September 10, 2021 2:20 GMT)
Currently, GBPUSD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd consecutive hour GBPUSD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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 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)
After 3 down days, GBPUSD snaps its streak, rising 73 pips (0.53%) over the past day to close at an exchange rate of 1.38376. For context, observe that the day prior was noteworthy in the sense that GBPUSD bested all 39 of the assets in the Forex class. Below is a price chart of GBPUSD.
GBPUSD Technical Analysis
Notably, GBPUSD crossed above its 50 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 36.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 8 them.