(Last Updated August 4, 2022 1:44 GMT)
At the time of this writing, GBPUSD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend 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 is down 10 pips (0.08%) since the day prior (opening today near 1.21405), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPUSD ranked 25th the day prior in terms of percentage price change. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
The first thing we should note is that GBPUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 6 them.