(Last Updated February 11, 2021 1:27 GMT)
Currently, GBPUSD’s rate is down 0 pips (0%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see downtrend on the 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPUSD is up 74 pips (0.54%) since the day prior (opening today near 1.38146), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 2nd for the day in terms of price change. Here is a price chart of GBPUSD.
GBPUSD Technical Analysis
Coming into today GBPUSD is now close to its 20 and 50 day averages, located at 1.3689 and 1.3577 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.