GBP/USD Down 7 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated June 8, 2022 1:42 GMT)

At the moment, GBPUSD’s rate is down -7 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 is up 70 pips (0.56%) since the previous day (opening today near 1.25897), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPUSD ranked 10th the previous day in terms of percentage price change. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, the current price of GBPUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 10 them.