GBP/USD Down 9 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 11, 2022 1:46 GMT)

Currently, GBPUSD’s rate is down -9 pips (-0.07%) from the hour prior. GBPUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend 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 downtrend 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)

GBPUSD entered today at 1.23095, down 31 pips (0.25%) from the previous day. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.