(Last Updated December 16, 2021 1:43 GMT)
At the moment, GBPUSD’s rate is up 1 pips (0.01%) from the hour prior. GBPUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists 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 an uptrend 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 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 36 pips (0.27%) since the day prior (opening today near 1.3266), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 21st for the day in terms of price change. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
Coming into today GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.3277, 1.3463 and 1.3584 respectively, and thus may be at a key juncture along those timeframes. 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 7 them.