GBPUSD Up 5 Pips On Hourly Chart, 2 Day Down Streak Ended; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated March 26, 2021 23:22 GMT)

At the moment, GBPUSD’s rate is up 5 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 an uptrend 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 20, 50, 100 and 200 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)

The back and forth price flow continues for GBPUSD, which started today off at 1.37471, up 64 pips 0.47% from the previous day. Relative to other instruments in the Forex asset class, GBPUSD ranked 6th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days.