(Last Updated July 16, 2021 18:20 GMT)
At the time of this writing, GBPUSD’s rate is down -7 pips (-0.05%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 entered today at 1.38264, down 30 pips (0.22%) from yesterday. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Below is a price chart of GBPUSD.
GBPUSD Technical Analysis
Coming into today GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.3852, 1.4001, 1.3941 and 1.3796 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 25.6 pips away. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 10 days GBPUSD’s price has gone down 7 them.