GBP/USD Up 10 Pips On Hourly Chart, Entered Today Down For the 6th Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated April 29, 2022 1:44 GMT)

Currently, GBPUSD’s rate is up 10 pips (0.08%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight up hours. 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 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 is down 78 pips (0.62%) since the previous day (opening today near 1.24606), marking the 6th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, GBPUSD ranked 36th the previous day in terms of percentage price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone down 11 them.